Question

A sum amounts to rs.9680 in 2 yrs and to rs.10648 in 3 yrs compounded annually.find principal and rate of interest per annum.

Answer 1

10648-9680= 968
968 is interest for 9680 for 1 year
r= (968/9680)*100
r=10%

Answer 2

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Solution

Let the sum of money be P and rate of interest i.

Amount after n years = P(1 + i)n 

So, we have P(1 + i)2 = 9680 and P(1 + i)3 = 10648 

Dividing the second equation by the first

⇨ 1 + i = 10648 / 9680 = 1.1 = 1 + 0.1

⇨ i = 0.1 or 10%

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