Question

A sum of money invested at 5%
per annum amounts to $896 in 2 2/5 years. What will it amount to in 3 years a month at the same rate of interest ?​

Answer 1

Step-by-step explanation:

SI=

100

P×r×t

12122=

100

P×8×2

12122=

100

P×116

P=Rs.10,450.

Now, for t=2

3

2

,r=9%

SI=

100

P×r×t

SI=

100

10450×9×(8/3)

=2058

Amount P+SI=10450+2058=Rs.12,958.