Question

a certain sum of money at compound interest becomes 7396 in 2 years and rest 795 0.70 in 3 years find the rate of interest

Answer 1

The compound interest accumulation factor is as follows :

Accumulated amount = P(1 + i)ⁿ

P = Principle amount

i = rate of interest

n = Period in in years

Doing the substitution for the two cases we have :

7396 = P(1 + i)²

P = 7396/(1 + i)²

7950.70 = P(1 + i)³

P = 7950.70/(1 + i)³

Equating the two P's

7396/(1 + i)² = 7950.70/(1 + i)³

7396/7950.70 = (1 + i)²/(1 + i)³

0.93023 = 1/(1 + i)

1 = 0.93023 + 0.93023i

1 - 0.93023 = 0.93023i

0.06977  = 0.93023i

i = 0.06977/0.93023 = 0.0750

This equals :

0.075 × 100% = 7.5%

Answer 2

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