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The CI on Rs.7000 for 3 years at 5% for first year, 7% for second year, 10% for the third year will be
- a)Rs.1800
- b)Rs.1530
- c)Rs.1651
- d)Rs.2050
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The CI on Rs.7000 for 3 years at 5% for first year, 7% for second year...
A = 7000*105/100*107/100*110/100
= 7000*1.05*1.07*1.1
= 8650.95 = 8651
CI = 8651-7000 = 1651
= 7000*1.05*1.07*1.1
= 8650.95 = 8651
CI = 8651-7000 = 1651
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Community Answer
The CI on Rs.7000 for 3 years at 5% for first year, 7% for second year...
Given data:
Principal amount (P) = Rs. 7000
Time period (n) = 3 years
Rate of interest (r1) = 5% for the first year
Rate of interest (r2) = 7% for the second year
Rate of interest (r3) = 10% for the third year
To find: Compound Interest (CI)
Formula used:
Compound Interest = P [(1 + r1/100) (1 + r2/100) (1 + r3/100) - 1]
Calculation:
First year CI = P × (1 + r1/100) - P
= 7000 × (1 + 5/100) - 7000
= Rs. 350
Amount after the first year = P + CI of the first year
= 7000 + 350
= Rs. 7350
Second year CI = Amount after the first year × (1 + r2/100) - Amount after the first year
= 7350 × (1 + 7/100) - 7350
= Rs. 539.50
Amount after the second year = Amount after the first year + CI of the second year
= 7350 + 539.50
= Rs. 7889.50
Third year CI = Amount after the second year × (1 + r3/100) - Amount after the second year
= 7889.50 × (1 + 10/100) - 7889.50
= Rs. 867.85
Amount after the third year = Amount after the second year + CI of the third year
= 7889.50 + 867.85
= Rs. 8757.35
Therefore, the CI on Rs.7000 for 3 years at 5%, 7%, and 10% for the first, second, and third year respectively is
CI = P [(1 + r1/100) (1 + r2/100) (1 + r3/100) - 1]
= 7000 [(1 + 5/100) (1 + 7/100) (1 + 10/100) - 1]
= Rs. 1651
Hence, the correct option is (c) Rs. 1651.
Principal amount (P) = Rs. 7000
Time period (n) = 3 years
Rate of interest (r1) = 5% for the first year
Rate of interest (r2) = 7% for the second year
Rate of interest (r3) = 10% for the third year
To find: Compound Interest (CI)
Formula used:
Compound Interest = P [(1 + r1/100) (1 + r2/100) (1 + r3/100) - 1]
Calculation:
First year CI = P × (1 + r1/100) - P
= 7000 × (1 + 5/100) - 7000
= Rs. 350
Amount after the first year = P + CI of the first year
= 7000 + 350
= Rs. 7350
Second year CI = Amount after the first year × (1 + r2/100) - Amount after the first year
= 7350 × (1 + 7/100) - 7350
= Rs. 539.50
Amount after the second year = Amount after the first year + CI of the second year
= 7350 + 539.50
= Rs. 7889.50
Third year CI = Amount after the second year × (1 + r3/100) - Amount after the second year
= 7889.50 × (1 + 10/100) - 7889.50
= Rs. 867.85
Amount after the third year = Amount after the second year + CI of the third year
= 7889.50 + 867.85
= Rs. 8757.35
Therefore, the CI on Rs.7000 for 3 years at 5%, 7%, and 10% for the first, second, and third year respectively is
CI = P [(1 + r1/100) (1 + r2/100) (1 + r3/100) - 1]
= 7000 [(1 + 5/100) (1 + 7/100) (1 + 10/100) - 1]
= Rs. 1651
Hence, the correct option is (c) Rs. 1651.
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The CI on Rs.7000 for 3 years at 5% for first year, 7% for second year, 10% for the third year will bea)Rs.1800b)Rs.1530c)Rs.1651d)Rs.2050e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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