What will be the Amount? If

What will be the amount of Rs. 1500 after 3 years if the rate of compound interest per annum is 3% 4 % and 5%  for the first, second and third year respectively?

  1. Rs. 1780.14
  2. Rs. 1880.40
  3. Rs. 1687.14
  4. Rs. 1785.60
Desire Adnan Default Asked on 4th August 2015 in Maths.
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  • 1 Answer(s)

    Answer: (3) 1687.14
    Explanation:-
    Given-
    Principal = Rs.1500,  Time = 3 years, Rate of first , second  & third year are 3 %, 4 %  & 5 %.
    Amount after first year = 1500 x 1 x 3 /100 + 1500
    = 45 + 1500
    = Rs.1545

    Amount after two year = 1545 x 4 x 1/100 + 1545
    = 1545 + 61.80
    = Rs.1606.80

    Amount after three year  = 1606.80  x 5 x 1/100  + 1606.80
    = 80.34 + 1606.80
    = Rs.1687.14

    Hence, the answer is (3) 1687.14

    Anurag Mishra Professor Answered on 5th August 2015.
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