A certain sum of money amounts to Rs 704 in 2 years and Rs 800 in 5 years. find the rate of interest per annum
Answers
Given : A certain sum of money amounts to Rs 704 in 2 years and Rs 800 in 5 years.
To Find : Rate of Interest per annum
Solution:
Assuming Simple interest
SI = P * R * T /100
Principle = P
Rate of interest = R % per annum
=> P + P* R * 2 /100 = 704
P + P* R * 5 /100 = 800
=> 3PR/100 = 96
=> PR = 3200
P + P* R * 2 /100 = 704
=> P + 3200 x 2 /100 = 704
=> P = 704 - 64
=> P = 640
PR = 3200
=> 640 R = 320
=> R = 5 %
rate of interest per annum = 5 %
Assuming compound interest
704 in 2 years and Rs 800 in 5 years
=> 704 in 3 years becomes = 800
=> 704 ( 1 + R/100)³ = 800
=> 1 + R/100 = 1.04353
=> R/100 = 0.04353
=> R = 4.353 %
Learn More:
if the difference between the ci and si for 2 years at 12 percentage ...
https://brainly.in/question/11868846
1. Find the difference between C.I and S.I on 5000 for 1 year at 2 ...
https://brainly.in/question/13187389
Find the principal if the difference between CI and S.I on it at 15% pa ...
https://brainly.in/question/13200416