find the compound interest and ammount for 3 year as given rate of interestvof each year are 6%,8% and10% respectively?

Asked by Dhananjay | 27th May, 2016, 07:39: PM

Expert Answer:

L e t space t h e space p r i n c i p a l space a m o u n t space b e space X.
A m o u n t space a t space t h e space e n d space o f space f i r s t space y e a r
equals X open parentheses 1 plus 6 over 100 close parentheses
T h i s space b e c o m e s space t h e space p r i n c i p l e space a m o u n t space f o r space s e c o n d space y e a r.
S o space t h e space a m o u n t space a f t e r space t h e space n e d space o f space s e c o n d space y e a r
equals X open parentheses 1 plus 6 over 100 close parentheses open parentheses 1 plus 8 over 100 close parentheses
S i m i l a r l y comma space t h e space a m o u n t space a t space t h e space e n d space o f space t h i r d space y e a r equals
X open parentheses 1 plus 6 over 100 close parentheses open parentheses 1 plus 8 over 100 close parentheses open parentheses 1 plus 10 over 100 close parentheses
C o m p o u n d space i n t e r e s t space a f t e r space t h r e e space y e a r s
equals T o t a l space a m o u n t space minus space p r i n c i p a l space a m o u n t
equals X open parentheses 1 plus 6 over 100 close parentheses open parentheses 1 plus 8 over 100 close parentheses open parentheses 1 plus 10 over 100 close parentheses minus X

Answered by satyajit samal | 29th May, 2016, 05:04: PM