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Question 12
25,000/- is borrowed at compound interest at the rate of 3% for first year, 4% for $$2^{nd}$$ year and 5% for $$3^{rd}$$ year. Find the amount to be paid after 3 years.
Solution
Principal sum to be borrower = Rs. 25,000
Amount when compounded annually = $$P(1+\frac{R}{100})^T$$
=> Amount to be paid after 3 years = $$25,000(1+\frac{3}{100})$$ $$(1+\frac{4}{100})$$ $$(1+\frac{5}{100})$$
= $$250\times103\times\frac{26}{25}\times\frac{21}{20}$$
= $$103\times13\times21=Rs.$$ $$28,119$$
=> Ans - (D)
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