Question : The amount of Rs. 25,000 in 2 years at annual compound interest, if the rates for the successive years are 4% and 5% per annum respectively is:
Option 1: Rs. 30,000
Option 2: Rs. 26,800
Option 3: Rs. 27,300
Option 4: Rs. 28,500
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Correct Answer: Rs. 27,300
Solution :
Here, Principal amount, $P=25000$
And rate of interests, $R_{1}= 4$% , $R_{2}=5$% for first and second year, respectively.
So, time periods: $N_{1}=1, N_{2}=1$
For successive rates,
Final amount, $A= P(1+\frac{R_{1}}{100})^{N_1}(1+\frac{R_{2}}{100})^{N_2}$
= $25000×(\frac{104}{100})×(\frac{105}{100})$
= $27300$
Hence, the correct answer is Rs. 27,300.
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