Q15 of 52 Page 112

If the rates of compound interest for the first and second year are 5% and 6% respectively, let us calculate the compound interest on ₹5000 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 = ₹5000, r1 = 5% and r2 = 6%


∴ Amount for 2 years



= ₹5565


∴ Compound interest for 2 years = ₹5565 - ₹5000


= ₹565


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