Question

2.2001
14 A certain sum of money, placed out at compound interest, amounts to * 6.272 in
2 years and to 7.024.64 in 3 years. Find the rate of interest and the sum of money.
Need help please​

Answer 1

Answer:

WeknowthatCompoundInterest=Amount−Principal

 Amountfor3rdyear−Amountfor2ndyearwillbetheinterestfor3rdyear

Amountfor2ndyearwillserveasPrincipalfor3rdyear

Asperproblem7024.64−6272=752.64(compoundinterest)

 ⇒P(1+100r)3−P(1+100r)2=752.64

 ⇒P(1+100r)2[(1+100r)−1]=752.64

⇒6272[100r]=752.64

 ⇒6272r=75264

 r=627275264=12%

Let the sum be P

AS PER PROBLEM,