Question

A banker lends 2000 rupees to a customer. The rate of interest for the first year is x%, for the second year it is (x+2)%, for the third year it is (x+4)% and so on. At the end of the fifth year if the total interest accrued is Rs. 1500, find the value of x.

Answer 1

Answer:

Step-by-step explanation:

Answer 2

The Value Of X Is 7 %

GIVEN

Principal amount = 2000 Rs

Total time = 5 year

Rate of interest = x% with a 2% increment every year.

Interest = 1500 Rs

TO FIND

The value of x

SOLUTION

We can simply solve the above problem as under.

To Find out the rate of interest. we will apply the formula to calculate simple interest.

We know that,

$SI = \frac{P \times R \times T}{100}$

Where,

Simple interest, SI = 1500 Rs.

The principal amount, P = 2000 Rs.

Total Time is taken, T = 5 years.

The rate at 1st year, R = x %

now, we know that there is an increment of 2 % in rate interest every year.

So,

R in the second year = (x+2)%

Rate in the fifth year = (x+8)%

Now putting the values in the above formula we get,

$1500 = \frac{2000 \times x + 8 \times 5}{100}$

1500 = 100x + 800

100x = 1500- 800

x = 700/100 = 7

Therefore, Rate at 5th year = x + 8 = 7 + 6 = 13%

Hence, The value of x is 7 %

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