Question

Find the mountain compound interest on ₹3500 for three years of the rate of interest for the first second and third year are 4% 5% and 6% percent respective

Answer 1

Explanation:

After the first year

Amount in the bank = 3500(1.04) = 3649

After the second this is 3640(1.05) = 3822

Then after 3 years this is 3822(1.06) = 4051.32

So the interest after 3 years = 4051.32 - 3500

= 551.32