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Calculate the amount and compound interest on Rs. 5000 in two years when the rate for interest for successive years is 6% and 8% respectively.

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An Intiative by Sri Chaitanya

5300 and 5724

5500 and 5800

5600 and 5824

5824 and 5998

answer is A.

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Detailed Solution

Given,
Principal, P=Rs.5000
Rate of interest, R = 6%, 8%
Time, T = 2 year
First year
We know that,
Simple Interest,

SI = \frac{PTR}{100}

= \frac{5000 \times 10 \times 6}{100}

= Rs . 300

So, amount

A = P + SI

A = Rs . 5300

For, second year
Principal = 1st year amount= Rs.5300
So, rate of interest

r = 8 %

Time

t = 1 year

So, the value of Interest

SI = \frac{5300 \times 1 \times 8}{100}

= Rs . 424

Now the Amount value

A = Rs . (5300 + 424)

A = Rs . 5724

So, amount is Rs 5724 and compound interest is Rs 424.
Correct option is 1.

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