Question

A sum of money invested at 8% per annum for simple interest amounts to rs 12122 in 2 years . What will it amounts to in 2 year 8 months at 9% rate of interest???

Answer 1

We know that

A = P(1 + rt/100)

12122 = P(1 + 16/100)

12122 = p(116/100)

p = 12122 * 100/116

P = 10450.

After 2 years 8 months,
it will be 10450 * (1 + 8/3 * 9/100)

 = 10450 * 124/100

= 12958.

hope this help you.....,