A sum of Rs. 15,000 was lent for 3 years at the rate of 4%, 5%, 6% per annum, respectively, at compound interest for the first year, second year and t
Question
A sum of Rs. 15,000 was lent for 3 years at the rate of 4%, 5%, 6% per annum, respectively, at compound interest for the first year, second year and third year compound annually. Find the compound interest.
A.
2,380.60
B.
2,382.60
C.
2,362.80
D.
2,380.80
Correct option is C
Given:P=15000R1=4%,R2=5%,R3=6%Time=3 yearstextbfFormulaUsed:A=P(1+100R1)(1+100R2)(1+100R3)Solution:A=15000(1+1004)(1+1005)(1+1006)A=15000×100104×100105×100106A=15000×10000001157520A=17362.8Compound Interest=A−PCompound Interest=17362.8−15000=2362.8 Exam Hall Method: