Compound Interest Practice Test 4

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Question : 24 of 40

Marks: +1, -0

What sum will amount to Rs 14,469 in aperiod of 3 years compound interest, the interest being 4%, 5% and 6% for the first, second and the third years respectively.

Rs 15,227
Rs 12,500
Rs 10,250
Rs 11,980
Rs 13,950

Solution:

Amount

=P(1+R_1/100)(1+R_2/100)(1+R_3/100)

14469=P(1+4/100)(1+5/100)(1+6/100)

P=14469×25/26×20/21×50/53

P=12500

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