Question

A person invests * 5,000 for three years at a
certain rate of interest compounded annually.At the end of two years this sum amount to rupees 6272 calculate I, the rate of interest per annum. 2, the amount at the end of the third year.​

Answer 1

Principal (P) = Rs. 5000

Period (T) = 2 Years

Amount at the end of one year = Rs. 5600

∴ Interest for the first year = A – P

= Rs. 5600 – 5000 = Rs. 600

(i) ∴ Rate of interest = (S.I. × 100)/( P × T)

= (600 × 100)/(5000 × 1) = 12%

(ii) Principal for the second Year = Rs. 5600

Interest for the second year = (5600 × 12 × 1)/100

= ₹ 672

∴ Amount at the end of second year

= P + S.I. = 5600 + 672 = ₹ 6272

Answer 2

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