a certain sum amount to rs 4840 in 2 years and to rs 5324 in 3 years at compound interest.find the rate and the sum
Answers
A certain sum amount to Rs 4840 in 2 years and to Rs 5324 in 3 years at compound interest.
To find : rate of interest and the sum.
solution : let sum = P and rate of interest = r % per annum
case 1 : A = 4840 , n = 2
using formula, A = P(1 + r/100)ⁿ
4840 = P(1 + r/100)² .........(1)
case 2 : A = 5324, n = 3
using formula, A = P(1 + r/100)ⁿ
5324 = P(1 + r/100)³ ........(2)
dividing equation (3) by equation (1) we get,
5324/4840 = [(1 + r/100)³]/[(1 + r/100)²]
⇒1331/1210 = 1 + r/100
⇒(1331 - 1210)/1210 = r/100
⇒121/1210 = r/100
⇒r = 10% per annum.
putting r in equation (1) we get,
4840 = P(1 + 10/100)²
⇒4840 = P(121/100)
⇒4000 = P
Therefore sum and rate of interest are Rs. 4000 and 10% per annum respectively.
Answer:
5000
Step-by-step explanation:
correct answer
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