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      Question

      A sum of Rs. 20000 is invested for three years at

      compound interest. The rate of interest for first year is 20 percent per annum, for second year it is 15 percent per annum and for third years it is 10 percent per annum. Find the interest for the third year.
      A 2190 Correct Answer Incorrect Answer
      B 2620 Correct Answer Incorrect Answer
      C 2760 Correct Answer Incorrect Answer
      D 2340 Correct Answer Incorrect Answer

      Solution

      For 1st year, R% = 20% Amount = 20000 × [(1 + (20/100)] => 20000 × [1 + (1/5)] => 20000 × (6/5) = 24000 Compound Interest = 24000 – 20000 = Rs.4000 For 2nd year, P = Rs.24000 and R% = 15% Amount = 24000 × [(1 + (15/100)] => Amount = 24000 × (23/20) = 1200 × 23 = Rs.27600 Compound Interest = 27600 – 24000 = Rs.3600 For 3rd year, P = Rs. 27600, R% = 10%, Amount = 27600 × [(1 + (10/100)] = 27600 × (11/10) = 2760 × 11 = Rs. 30360 Compound Interest = 30360 – 27600 = Rs.2760

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