A sum of money invested at compound interest amount to 9248 in 2 years and to 9826 in 3 years the sum of money is
Answers
Answer:
8704
Step-by-step explanation:
Interest earning between 2nd and 3rd year is 578.
578 is interest earned on 9248 in year 3.
Let rate of interest be r.
9248 x r = 578
∴ r = 6.25 %
Let the sum of amount = a
a + a .0625 = 9248
∴ a (1.0625) = 9248
∴ a = 8704
Answer:
Rs 8192
Step-by-step explanation:
A sum of money was amounted to Rs 9248 when compounded for 2 years.
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.