Question

A sum invested i n compound interest becomes rs. 2420 in 2 years and rs. 2662 in 3 years. Find the sum and rate of interest.

Answer 1

Answer:

Step-by-step explanation:

Description for Correct answer:

Amount after three years = Rs. 2662  

Amount after two years = Rs. 2420  

Net interest earned in the IIIrd year = 2662−2420 = Rs. 242

Rate of interest (r)

=242/2420×100=10%

2nd year's amount is principal for 3rd year

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Answer 2

The sum is Rs. 2000 and the rate of interest is 10%.

Step-by-step explanation:

Since we have given that

Sum = Rs. 2402 in 2 years

Sum = Rs. 2662 in 3 years

So, it becomes,

$\dfrac{2662}{2420}=\dfrac{P(1+\dfrac{r}{100}^3}{P(1+\dfrac{r}{100})^2}\\\\1.1=(1+\dfrac{r}{100})\\\\1.1-1=\dfrac{r}{100}\\\\0.1=\dfrac{r}{100}\\\\10\%=R$

So, the sum would be

$2420=P(1+\dfrac{10}{100})^2\\\\2420=P(1.1)^2\\\\\dfrac{2420}{1.1^2}=P\\\\2000=P$

Hence, the sum is Rs. 2000 and the rate of interest is 10%.

# learn more:

A sum lent out at 12% per annum compound

interest for two years amounts to Rs. 15,660. The

sum lent is

a. Rs. 12,000

b. Rs. 12,250

c. Rs. 12,484

d. Rs. 12,880

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