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Find the amount to which ₹12,000 …

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Find the amount to which ₹12,000 will accumulate at the effective rate of 3% for 10 years, 4% for 4 years and 5% for 2 years.

Posted by Tanushri Bhayani 2 years, 1 month ago

CBSE > Class 12 > Applied Maths

1 answers

Preeti Dabral 2 years, 1 month ago

The effective rate is the actual rate compounded annually. Therefore, the required sum S is given by
S = 12000 (1 + $\frac{3}{100}$ )¹⁰ (1 + $\frac{4}{100}$ )⁴ (1 + $\frac{5}{100}$ )²
$\Rightarrow$ S = 12000 (1.03)¹⁰ (1.04)⁴ (1.05)²
$\Rightarrow$ S = 12000 (1.34391638) (1.16985856) (1.1025) = 20800.10
Hence, the amount is ₹20,800.10

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