Q.If the compound interest rate is 6% for the first year and 4% for the second year, what will be the amount after 2 years on ₹22,000?

Principal \((p) = ₹22,000\) First year's interest rate \((r_1) = 6\%\) Second year's interest rate \((r_2) = 8\%\) Time \((n) = 2\) years \(\therefore\) Amount after 2 years: \[ = 22000 \times \left(1 + \frac{6}{100}\right) \times \left(1 + \frac{8}{100}\right) = 22000 \times \frac{106}{100} \times \frac{108}{100} = ₹25,185.60 \] --- \(\therefore\) The total amount after 2 years will be ₹25,185.60.
Similar Questions