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A sum of money becomes rs 17640 in two years and rs 18522 in three years at the same rate of interest compounded annually .Find the sum and rate of interest p.A. |
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Answer» d Interest ProblemGiven data:A sum of money BECOMES Rs. 17640 in two yearsand Rs. 18522 in three years.To find:The sum of MONEYAND the rate of compound interest.Step-by-step explanation:Let the sum be and the rate of compound interest per ANNUM be .Case 1. Sum of money becomes Rs. 17640 in two yearsHere,sum = P,amount, A = Rs. 17640,rate of interest = r% p.a.and time, t = 2 yearsThen, i.e., .....(1)Case 2. Sum of money becomes Rs. 18522 in three yearsHere,sum = P,amount, A = Rs. 18522,rate of interest = r% p.a.and time, t = 3 yearsThen, i.e., .....(2)Now, dividing (2) by (1), we getor, or, or, or, or, or, r = 5Thus rate of compound interest is 5.17 p.a.Putting r = 5 in (1), we getor, or, P = 16000Thus the sum of money is Rs. 16000 |
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