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Ram has invested Rs. 50,000 at 5% per annum on compound interest for 3 years. If the rate of interest doubles itself in each successive year. Then find the total amount which is gained by Ram after 3 years.
1. Rs. 59,400
2. Rs. 69,300
3. Rs. 75,600
4. Rs. 43,200
5. Rs. 45,000

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Correct Answer - Option 2 : Rs. 69,300

Given:

Principal = Rs. 50,000

Rate for first year = 5%

Time = 3 years

Concept used:

A = P (1 + R1/100)(1 + R2/100)(1 + R3/100)

Where,

A → Amount

P → Principal

R1 → Rate of interest for first year

R2 → Rate of interest for second year

R3 → Rate of interest for third year

Calculations:

The rate of interest doubles itself in each successive year

So, Rate of interest for second year = 2 × 5 = 10%

Rate of interest for third year = 2 × 10 = 20%

Now, Amount = 50000 × (1 + 5/100)(1 + 10/100)(1 + 20/100)

A = 50000 × (105/100) × (110/100) × (120/100)

A = Rs. 69,300

∴ The amount of which is gained by Ram after 3 years is Rs. 69,300

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