Question

A certain sum of money lent at compounded interest becomes 7936rs in 2 years and 750.70 in 3 years. Find the compound interest on the sum.

Answer 1

◀ HEY THERE◀




◀ Question: ◀


→ A certain sum of money at compound interest becomes rupees 7396 in 2 years and rupees 7950.70 in three years. Find the rate of interest ?



◀  Method of Solution:◀


→ Given: Amount = Rs 7396



→  Given, Certain sum of money at compound interest becomes rupees 7396 in 2 years.



So,→   Find the Compound Interest in 2 Years ?



Using Compound Interest Formula!



→ Amount = P(1+R/100)^t



7396 = P(1+R/100)² -------(A)



Now,   →


Given Amounts = 7950.70



Given, Certain sum of money at compound interest becomes rupees 7950.70 in 3 years.



→ Amount = P(1+R/100)^t



⇒ 7950.70 = p(1+R/100)³ -------(B)



→ Solving the Equation by Dividing!→



Dividing (B) by (A):



⇒  7950.70 = p(1+R/100)³ ÷ 7396 = P(1+R/100)²



→  Dividing rule ! ( Divide LHS to LHS) and RHS to RHS →



⇒  7950.70 = p(1+R/100)³ ÷ 7396 = P(1+R/100)²



⇒ 7950.70÷7396= p(1+R/100)³÷P(1+R/100)²



⇒ 1.075 = (1+R/100)



⇒ 1.075-1 = R/100



⇒0.075 = R/100



•°• R= 100×0.075



•°•  ⇒ Rate = 7.5% →



◀  Hence, Rate of interest is 7.5%◀

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