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Calculate the amount, if Rs. 15,000 is lent at compound interest for 2 years and the rates for the successive years are 8% p.a. and 10% p.a. respectively.

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Rs 17820

Rs 17620

Rs 17520

Rs 17530

answer is A.

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Detailed Solution

Given,
Principal amount P = 15,000
Interest of time T = 2 year
Interest of first year

r_{1} = 8 %

Interest of second year

r_{2} = 10 %

Here,

A = P (1 + \frac{r_{1}}{100}) \times (1 + \frac{r_{2}}{100})

A = 15000 (1 + \frac{8}{100}) \times (1 + \frac{10}{100})

A = Rs 17820

Thus, the calculate amount is

Rs 17820

.
So the correct option is 1.

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