Question

A certain sum amounts to Rs 4,840 in 2 years and to Rs 5,324 in 3 years at compound interest. Find the rate and the sum.

Answer 1

Answer:

Let the principal be Rs.P and rate of interest p.a. = r% Then

P(1+

100

r

)

2

=4840...........(i) and P(1+

100

r

)

3

=5324...........(ii)

⇒

4840

5324

=

(1+r/100)

2

(1+r/100)

3

⇒1+

100

r

=

1210

1331

⇒

100

r

=

1210

1331

−1=

1210

121

=

10

1

⇒r=

10

1

×100=10%

Answer 2

Answer:

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