Question

A certain sum amounts to 5292in 2 years and to 5556.60 in 3 years at compound interest, find rate and sum​

Answer 1

Given amount of 2 years = 5292 Rs

Amount of 3 years = Rs 5556.6.

Let sum = Rs p and rate of interst = r%

Amount = sum (1+rate/100)^time

5292 = p (1+r/100)²

p = 5292/(1+r/100)² → A

Similarly

5556.60 = p(1+r/100)³

p = 5556.60/(1+r/100)³ → B

From A and B

5292/(1+r/100)² = 5556.60/(1+r100)³

5292 = 5556.60/(1+r/100)

5292 = 5556.60/(100+r/100)

5292 = 5556.60*100/(100+r)

529200 + 5292r = 555660

5292r = 555660 - 529200

r = 26460/5292 = 5%

Rate of interest = 5%

p = 5292/(1+5/100)²

p = 5292/(21/20)²

p = 5292/(441/400)

p = 5292*400/441 = Rs 4800

Sum = Rs 4800

I hope this answer helpful