The rate of interest in a scheme, working on the principle of compound interest, increases by...

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The rate of interest in a scheme, working on the principle of compound interest, increases by 1% per annum every year. For first year, the rate of interest is 14% per annum. A sum of Rs. 10,00,000 is invested in this scheme for 3 years. Find the amount of interest that will be generated in total. 1. Rs. 500000 2. Rs. 520760 3. Rs. 530940 4. Rs. 540670 5. Rs. 550000 The rate of interest in a scheme, working on the principle of compound interest, increases by 1% per annum every year. For first year, the rate of interest is 14% per annum. A sum of Rs. 10,00,000 is invested in this scheme for 3 years. Find the amount of interest that will be generated in total. 1. Rs. 500000 2. Rs. 520760 3. Rs. 530940 4. Rs. 540670 5. Rs. 550000

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Solution 2 Rate of interest for first year 14 per annum ... View the full answer