Question

A sum of money amounts to rs.2880 in 2 years and 3456 in 3 years at compound interest. find the sum.

Answer 1

Given that a Sum (Principal amount) amounts to 28880(compounded amount) in 2 years (time)
so P=Principal amount.. C=Compounded amount..N or T = Time.

we know that Compounded Amount= P(1+i)^n - 1)
2888=P(1+i)^2 ......(1)

Also that same sum (Principal amount) amounts to 3456(compounded amount) in 3 years (time)

3456 = P(1+i)^3 ........(2)

Now (2)÷(1)

3456/2888 =P(1+i)^3/P(1+i)^2

12 = (1+i)

12-1 = i ...

therefore i=Rate of interest Per annum=11%

Answer 2

Answer:

Explanation: 3456-2880==576

Rate === 576/2880×100==20%

Sum == 5 6

5 6

5 6

== 3456/216×125===2000