Exams › SSC CGL (Prelims) › Maths

If the rate of interest is 4% per annum for the first year, 5% per annum for the second year, and 6% per annum for the third year, then the compound interest on ₹10000 for 3 years will be:

1. ₹1600
2. ₹1625.80
3. ₹1575.20
4. ₹2000

Correct answer: ₹1575.20

Solution

With varying annual rates, the amount becomes \(10000\times1.04\times1.05\times1.06=11575.20\). Subtracting the principal gives compound interest \(=11575.20-10000=1575.20\).

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