a sum of money invested at compound interest amount to Rs. 2200 in one year and to Rs. 2662 in three years . Find the principle and rate per cent ?
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Step-by-step explanation:
A certain sum of money amounts to Rs. 2420 in 2 years and Rs. 2662 in 3 years at some rate of compound interest, compounded annually. The rate of interest per annum is?
R= 10%
In calculation of Compound interest
Principal amount for next period is equal to principal amount of this year + interest generated in this period
If after 2 years amount of money is 2420
This will be principal for next year
For third year
Amount = 2420×(1+ R/100)×1
2662 = 2420 + 2420×R/100
242 = 24.2 × R
R = 10%
Alternatively
P×(1 + R/100)^2 = 2420
P×(1 + R/100)^3 = 2662
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