Q14 of 52 Page 112

If the rates of compound interest for the first and the second year are 7% and 8% respectively, let us write by calculating compound interest on ₹6000 for 2 years.

We know that if principal = p and rate of compound interest per annum for first and 2nd years are r1% and r2%,


Then we get the amount for 2 years


From given p = ₹6000, r1 = 7% and r2 = 8%


∴ Amount for 2 years




= ₹6933.6


∴ Compound interest for 2 years = ₹6933.6 - ₹6000


= ₹933.6


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