Question

A certain sum amounts to Rs. 57,600 in 2 years and Rs. 61,440 in 3 years compounded annually.
Find the rate and the sum.

Answer 1

Answer:

rate is 6 % and sum of these question is RS 51263.80..........

Answer 2

Principle = 50593.374 Rs. Rate of interest

=  6.67%

Given:

A certain sum amounts to Rs. 57,600 in 2 years

Rs. 61,440 in 3 years compounded annually.

Find:

The rate and the sum.

Formula used:

Compound interest Total amount=P $(1+ \frac{r}{100}) ^{n}$

                          Where,    n = Time period

                                          p = Principle

                                          r = Rate of interest

Explanation:

A certain sum amounts to Rs. 57,600 in 2 years

          Total amount = 57,600,    n=2 year

          Total amount=P $(1+ \frac{r}{100}) ^{n}$

                    57,600 = P$(1+ \frac{r}{100}) ^{2}$ ....................1

Rs. 61,440 in 3 years

          Total amount=P $(1+ \frac{r}{100}) ^{n}$

                    61,440 = P$(1+ \frac{r}{100}) ^{3}$  ......................2

Divide equation 1 and 2

             $\frac{61440}{57600}$ = P$(1+ \frac{r}{100}) ^{2}$ / P$(1+ \frac{r}{100}) ^{3}$

         1.0667 = $(1+ \frac{r}{100}) ^{2}$ / $(1+ \frac{r}{100}) ^{3}$

                  r = 0.06667 = 6.67%

In equation 1st put this value

         57,600 = P$(1+ \frac{r}{100}) ^{2}$

         57,600 = P$(1+ \frac{6.67}{100}) ^{2}$

               p  = 50593.374 Rs.

To learn more....

1. A businessman paid rs 450 as simple interest on a sum borrowed for a period of 3 years at an interest rate of 2.5% pa .Find the sum borrowed by him.

https://brainly.in/question/5960369

2 The simple interest on a sum of money for 2 years at 8% is 120 less than the simple interest on the same sum for 3 years at 12% find the sum

https://brainly.in/question/1478091