shivam wants to deposit rs, 5000 for consecutive years, the compound interest rate received for these years would be 3% ,2% and 1%

Question

shivam wants to deposit rs, 5000 for consecutive years, the compound interest rate received for these years would be 3% ,2% and 1% respectively then find the amount he will received at the end

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Isabelle 2 months 2021-08-02T03:05:59+00:00 1 Answers 0 views 0

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    2021-08-02T03:07:08+00:00

    Answer :

    ₹5,300

    Explanation :

    When the rate on an amount is compounded in consecutive years we use,

     \sf \: Amount = p \bigg(1 +  \dfrac{r_1}{100} \bigg)\bigg(1 +  \dfrac{r_2}{100}  \bigg)

    Where,

     \sf \: r_1 \: and \: r_2 denotes the rate of consecutive years.

    So,

    The amount Shivam will recives after 3 years is given by,

     \sf \: Amount = p \bigg(1 +  \dfrac{r_1}{100} \bigg)\bigg(1 +  \dfrac{r_2}{100}  \bigg) \bigg(1 +  \dfrac{r_3}{100}  \bigg)

    Where,

    • p(principal) = 5,000
    •  \sf \: r_1, \: r_2 \: and \: r_3 are the rate of three consecutive years 3%, 2%, and 1%

    By the given values,

    \sf \longrightarrow \: 5000\bigg(1 +  \dfrac{3}{100} \bigg)\bigg(1 +  \dfrac{2}{100} \bigg)\bigg(1 +  \dfrac{1}{100} \bigg)

    \sf \longrightarrow \: 5000\bigg( \dfrac{103}{100} \bigg)\bigg( \dfrac{102}{100} \bigg)\bigg( \dfrac{101}{100} \bigg)

     \sf \longrightarrow \: 5000(1.03)(1.02)(1.01)

     \sf \longrightarrow \: 5300(approx.)

    Required answer 5,300

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