A sum of money at compound interest amounts i | vedclass

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Question

The difference in amount of money will determine compound interest of one year $\Rightarrow$ Hence, Rs. $[2977.54-2809]=$ Rs. 168.54

This is the CI

Vedclass · Accepted Answer

$6 \,\,\%,$ $Rs. 2500$

Vedclass · Answer

The difference in amount of money will determine compound interest of one year $\Rightarrow$ Hence, Rs. $[2977.54-2809]=$ Rs. 168.54

This is the CI levied on Rs. $2809,$ in one year. Hence, $CI = P \left[1+\frac{ R }{100}-1ight]$

$\Rightarrow 168.54=2809\left[\frac{ R }{100}ight] \Rightarrow \frac{16854}{2809}= R \Rightarrow R =6 \%$

The amount at CI for 2 years is:

$\Rightarrow 2809= P \left[1+\frac{6}{100}ight]^{2} \Rightarrow 2809= P \left[\frac{106}{100} 	imes \frac{106}{100}ight]$

$\Rightarrow P=R s .2500$

A sum of money at compound interest amounts in two years to Rs. $2809,$ and in three years to $Rs. 2977.54 .$ Find the rate of interest and the original sum.

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