Question

A certain sum amounts to rupees17640 in 2 years and to rupees 18522 in 3 years at compound interest . find the rate and sum.​

Answer 1

Answer:

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Step-by-step explanation:

The difference of two successive amounts must be the simple interest in 1 year on

the lower amount of money. 

S.I = 18522/- - 17640/- = Rs. 882/- 

Rate of interest = (882/17640) × (100/1) => 8820/1764 = 5% 

Principal = Amount/(1 + R/100)n 

= 17640/(1 + 5/100)2 

= 17640/(21/20 × 21/20) 

= 17640/(1.05 × 1.05) 

= 17640/1.1025 

= 16000

Thus the principal is Rs.16000/- and the rate of interest is 5%

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