124 and 14° respectively for 3 successive
a certain amount of money amounts to 5500 in 2 years and to 3750 in three years. Find the principal
sad tre amount and
and the rate of interest.
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1
Answer:
Let the principal be Rs.P and rate of interest p.a. = r% Then
P(1+
100
r
)
2
=4840...........(i) and P(1+
100
r
)
3
=5324...........(ii)
⇒
4840
5324
=
(1+r/100)
2
(1+r/100)
3
⇒1+
100
r
=
1210
1331
⇒
100
r
=
1210
1331
−1=
1210
121
=
10
1
⇒r=
10
1
×100=10%p.a.
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