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

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1. Answer :

   ₹5,300

   Explanation :

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

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

   Where,

   [tex] \sf \: r_1 \: and \: r_2[/tex] denotes the rate of consecutive years.

   So,

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

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

   Where,

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

   By the given values,

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

   [tex]\sf \longrightarrow \: 5000\bigg( \dfrac{103}{100} \bigg)\bigg( \dfrac{102}{100} \bigg)\bigg( \dfrac{101}{100} \bigg)[/tex]

   [tex] \sf \longrightarrow \: 5000(1.03)(1.02)(1.01)[/tex]

   [tex] \sf \longrightarrow \: 5300(approx.)[/tex]

   Required answer ≈ ₹5,300

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