Math, asked by divya643734, 6 hours ago

5. A man invests rs.3,000 for three years at compound interest. After one year, the money amounts to * 3,240. Find the rate of interest and the amount (to the nearest rupee) due at the end of 3 years.​

Answers

Answered by safasufai
0

Step-by-step explanation:

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Answered by Dhruv4886
0

Given:

A man invests Rs.3,000 for three years at compound interest

After one year, the money amounts to Rs. 3,240

To find:

Rate of interest and the amount up to end of the 3 years

Solution:

Given Principal amount = Rs.3,000

Time period T = 3 years

Let R be the rate of interest

Given that the money amounts to Rs.3,240 after one year

The interest for 1 year = Rs.3,000 - Rs.3,240 = Rs.240  

As we know the formula for interest = PTR/100  

Now find the interest for 1 year using above formula

=> I = (3000)(1)(R)/100 = 30R

We know that interest for 1 year = 240

⇒  30R = 240

⇒  R = 8

Therefore, rate of interest R = 8%  

Now calculate the total amount for 3 years at Rate of interest 8%

The formula for total amount in compound interest is given by

                      Amount = P(1+R/100)^T

From above values

Amount = 3000(1+8/100)³

= 3000(108/100)³

= 3000(1.08)³

=  3779.136

= 3780        [ nearest to rupee ]

Therefore,

The Rate of interest R = 8%  

The total amount at end of 3 years = Rs.3780

#SPJ2

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