Math, asked by jsagrawal1985, 5 months ago

12. A certain sum of money amounts to 7 300 in 2 years and 315 in 3 years
The rate of interest compounded annually is​

Answers

Answered by brijeshsinghsonitpur
1

Step-by-step explanation:

300 = P(1+r/100)²

315 = P(1+r/100)³

315/300 = (1+r/100)

315/300 = (100+r)/100

105 = 100+r

r = 5

Answered by stalwartajk
0

Answer:

The correct answer is : 5%

Step-by-step explanation:

Let's call the principal amount of money "P" and the annual interest rate "r". We know that the interest is compounded annually, which means that at the end of each year, the interest earned is added to the principal, and then the new total amount earns interest for the following year.

After 2 years, the amount is 7,300. This means that:

P(1 + r)^2 = 7,300

After 3 years, the amount is 7,615 (315 + 7,300). This means that:

P(1 + r)^3 = 7,615

We can solve for P by dividing the second equation by the first equation:

(1 + r)^3 / (1 + r)^2 = 7,615 / 7,300

1 + r = 1.05

r = 0.05

So the annual interest rate is 5%.

To learn more about Compound interest, visit:

brainly.in/question/1950647

To learn more about Algebraic geometry, visit:

brainly.in/question/54104482

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