Question

A sum of money becomes 3000 in 2 years and 3250 in 3 years. Find the principal and rate interest
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Answer 1

Answer:

Simple Interest I=100PNR

Here for first year,

P=Rs.15,000

N=1 year

R=6 %

So, Interest at the end of 1st year I=10015,000×1×6=Rs.900

And for second year,

P=Rs.15,000+Rs.900=Rs.15,900

N=1 year

R=8% 

I=10015,900×1×8=Rs.1272

And, for third year,

P=Rs.15,900+Rs.1,272=Rs.17,172

N=1 year 

R=10% 

I=10017,172×1×10=Rs.1,717.2

So, total interest =Rs.900+Rs.1,272+Rs.1,717.2=Rs.3,889.20