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Find the amount of Rs. 50000 after 2 years, compounded annually; the rate of interest being 8% p.a during the first yearand 9% p.a during the second year

Question

Find the amount of Rs. 50000 after 2 years, compounded annually; the rate of interest being 8% p.a during the first yearand 9% p.a during the second year
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Solution 1

To find the amount after 2 years with different interest rates for each year, we need to apply the formula for compound interest separately for each year.

The formula for compound interest is A = P(1 + r/n)^(nt), where:

  • A is the amount of money accumulated after n years, including interest.
  • P Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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