Question 67
If the rate of interest be 5% per annum for first year, 89 % per annum for second year and 12% percent per annum for third year, then the compound interest of ₹ 8000 for 3 years will be
Solution
Total amount of interest at the end of 3 years = 8000 * 1.05 * 1.08 * 1.12 - 8000
= 10160.64 - 8000
= Rs.2160.64
