Multiple choice

Calculate the amount and the compound interest on Rs. $16,000$ in $3$ years, when the rates of the interest for successive years are $10\%$, $14\%$ and $15\%$ respectively.

  1. Rs. $23.073.60$ and Rs. $7,073.60$
  2. Rs. $23.073.60$ and Rs. $7,873.60$
  3. Rs. $23.873.60$ and Rs. $7,073.60$
  4. Rs. $28.073.60$ and Rs. $7,073.60$
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A Correct answer
Explanation

Amount = 16000 * (1.10) * (1.14) * (1.15) = 16000 * 1.4421 = 23073.60. Interest = 23073.60 - 16000 = 7073.60.

AI explanation

For successive different rates, the final amount is calculated as P(1 + R1/100)(1 + R2/100)(1 + R3/100), giving 16000 * 1.10 * 1.14 * 1.15 = Rs. 23073.60. The total compound interest is the amount minus the principal, which equals 23073.60 - 16000 = Rs. 7073.60. The result is Rs. 23073.60 and Rs. 7073.60.

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