Compound Interest Different Rates
Compound Interest Different Rates
Calculation of Compound Interest when Interest is Compounded Annually but Rates being Different for Different Years:
Illustration: Find the amount after two years compounded annually when rate of interest for first year is 5% and 15% for the next year when the principal is Rs. 4000.
Solution:
Roger bought a refrigerator for $ 4000 on credit. The rate of interest for the first year is 5% and of the second year is 15%. How much will it cost him if he pays the amount after two years ? | |||
| Right Option : B | |||
| View Explanation | |||
The present population of a town is 25,000. It grows at 4%, 5% and 8% during first year, second year and third year respectively, the population after 3 years is : | |||
| Right Option : A | |||
| View Explanation | |||
Find the amount of $12,500 for 2 years compounded annually, the rate if interest being 15 % for the 1st year and 16 % for the second year. | |||
| Right Option : A | |||
| View Explanation | |||
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