Question

A sum of money invested at compound interest amounts to rs.4624 in 2years and to rs.4913 in 3years. The sum of money is

Answer 1

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Answer 2

Answer:

4096

Step-by-step explanation:

A sum of money invested at compound interest amounts to rs.4624 in 2 years.

Amount = Rs.4624

Time = 2 years

Let the principal be P

Let the rate of interest be r

So, $A=P(1+r)^t$

$4624=P(1+r)^2$

$\frac{4624}{(1+r)^2}=P$ -- A

A sum of money invested at compound interest amounts rs.4913 in 3years

So, $A=P(1+r)^t$

$4913=P(1+r)^3$

$\frac{4913}{(1+r)^3}=P$-- B

Equate A and B

$\frac{4624}{(1+r)^2}=\frac{4913}{(1+r)^3}$

$r=\frac{1}{16}$

Substitute the value of r in A

$\frac{4624}{(1+\frac{1}{16})^2}=P$

$4096=P$

Hence The sum of money is 4096