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Question 71
A sum of ₹1000 is invested on compound interest (compounding annually) for three years. If the rate of interest is 10% per annum for the first two years and 50% per annum for the third year, then what will be the interest?
Solution
Interest = 1000 of (100+10)% of (100+10)% of (100+50)% - 1000
= 1000 of 110% of 110% of 150% - 1000
= $$1000\times1.1\times1.1\times1.5-1000$$
= $$1815-1000$$
= ₹815
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