A certain amount of money earns rs.540 as simple interest in 3 years. If it earns a compound interest of rs. 376.20 at the same rate of interest in 2 years, find the amount,
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Answer:
P = 2,000
Step-by-step explanation:
S.I = pnr/100
Given, S.I = 540 , n = 3
=>> 540 = 3pr/100
pr = 18,000 =>> p = 18,000/r ----(1)
C.I = P[(1+r/100)^n - 1]
Given, C.I = 376.20 , n = 2
376.20 = p[(1+r/100)^2 - 1]
376.20 = 18,000/r [(1+r/100)^2 -1]
376.20r/18,000 = (1+r/100)^2 -1
0.0209r +1 = (100^2+200r+r^2)/10,000
209r +10,000 = 10,000+200r+r^2
r^2-9r =0
r^2 = 9r
r = 9
Substitute r= 9 in equation (1) = 18,000/9 =p
=>> p = 2,000
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