Math Problem Statement

Find the amount and compound interest on Rs 40,000 for 2 years if the rates of interest for two years are 10% and 15% respectively.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Successive Rates of Interest

Formulas

Compound Amount = Principal × (1 + Rate1/100) × (1 + Rate2/100)
Compound Interest = Compound Amount - Principal

Theorems

Successive Interest Calculation

Suitable Grade Level

Grades 9-12