a sum of money invested at ci compounded annually amounts to rs 24200 at the end of 2 years and to rs 26620 at the end 3 years.find 1)rate of interest 2) sum of money invested 3) c.i for the fourth year
Answers
Given : a sum of money invested at ci compounded annually amounts to rs 24200 at the end of 2 years and to rs 26620 at the end 3 years
To find :
1)rate of interest
2) sum of money invested
3) c.i for the fourth year
Solution:
sum of money invested = P Rs
Rate of interest = R %
A = P(1 + R/100)ⁿ
A after 2 years = 24200
A after 3 years = 26620
P(1 + R/100)² = 24200
P(1 + R/100)³ = 26620
=> (1 + R/100) = 26620/24200
=> 1 + R/100 = 1.1
=> R/100 = 0.1
=> R = 10
Rate of interest = 10 %
P(1 + R/100)² = 24200
=> P ( 1.1)² = 24200
=> P = 20000
sum of money invested = 20000 Rs
CI for fourth year
P(1 + R/100)⁴ - 26620
= 20000 ( 1.1)⁴ - 26620
= 29,282 - 26620
= 2662 Rs
c.i for the fourth year is 2662 Rs
Learn More:
if the difference between the ci and si for 2 years at 12 percentage ...
brainly.in/question/11868846
1. Find the difference between C.I and S.I on 5000 for 1 year at 2 ...
brainly.in/question/13187389