A sum of money amounts to Rs.13230 in one year and to Rs.13891.50 in 3/2 years at compound interest, compounded semi-annually.Find the sum and the rate of interest per annum.
Answers
Answer:
The sum is 12000 Rs and the rate of interest per annum is 10 %
Explanation:
A sum of money amounts to Rs.13230 in one year and to Rs.13891.50 in 3/2 years at compound interest, compounded semi-annually.
we need to find the sum and rate of interest per annum.
let sum = s
rate of interest = r %
A sum of money amounts to Rs.13230 in 1 year and to Rs.13891.50 in 3/2 years
p1 = 13230
p2 = 13891.50
as the amount is invested for 1 year and 3/2 years respectively
we are using the formula,
P = s(1 + r/100)^n
s(1 + r/200)^2 = 13230 …..........(i)
s(1 + r/200)^3 = 13891.50 …...........(ii)
by doing (ii)/(i)
by doing this we will get the value of r,
1 + r/200 = 1.05
r/200 = .05
r = 10 %
putting the value of r in(i)
s = 12000 Rs
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