Question

A sum of money invested at compoundinterest amounts to * 9,248 in 2 yearsand to 9,826 in 3 years. The sum of money is ?​

Answer 1

Answer:

Rs 8192

Explanation:

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

And in 2 years that sum of money after given on compound interest had amounted to Rs 9248.

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.