A certain sum amounts to Rs. 16820 in 2 years and Rs. 19511.2 in 3 years, at compound interest per annum What is the principal
Answers
Answer:
search-icon-header
Search for questions & chapters
search-icon-image
Class 11
>>Applied Mathematics
>>Basics of financial mathematics
>>Accumulation with simple and compound interest
>>A certain sum amounts to 52...
Question
Bookmark
A certain sum amounts to 5292 in 2 years and to 5556.60 in 3 years at compound interest. Find the rate and the sum.
Medium
Solution
verified
Verified by Toppr
It is given that
Amount after 2 years = 5292
Amount after 3 years = 5556.60
So the difference = 5556.60−5292=264.60
Here 264.60 is the interest on 5292 for one year
We know that
Rate % = (SI×100)/(P×t)
Substituting the values
= (264.60×100)/(5292×1)
Multiply and divide by 100
=(26460×100)/(100×5292)
=5%
Here
A =P=(1+r/100)
n
Substituting the values
5292=P(1+5/100)
2
By further calculation
P= 5292÷(1+5/100)
2
So we get
P=5292÷(21/20)
2
P=5292×21/20×21/20
P=4800
Hence, the rate is 5% and the sum is 4800.
Step-by-step explanation:
Plz Mark me as brainliest