Question

A sum of money invested at compound interest amount to₹9, 248 in 2 years and to ₹9, 826 in 3 years the sum of money is?

Answer 1

Answer:

19,074

Explanation:

9,248 + 9826 = 19,074

Answer 2

Answer:

Rs 8192

Explanation:

In 2 years a sum of money after given on compound interest had amounted to Rs 9248.

That sum of money amounted to Rs 9826, when compounded for 3 years.

So, simple interest for 1 year (3-2) = Rs 9826- 9248

= Rs 578

Now, The rate of interest can be calculated from the formula of :

S.I = (P ×R × T)/100

578= (9248 × R×1)/100

57800= 9248R

R= 57800/9248

R= 6.25%

Now, from the formula of compound interest, we can find out the principle:

A= P(1+R/100)^n

9248= P (1+6.25/100)^2

9248= P (106.25/100)^2

9248×100×100= 106.25 ×106.25 ×P

P= 92480000/11289.06

P= 8192.00

Therefore the principle money is Rs 8192.