a sum of money is invested at compound interest payable annually. The interest in the two successive years is ₹225 and ₹240. Find: (i)the rate of interest (ii)the original sum (iii)the interest earned in the third year.
Answers
Given:
a sum of money is invested at compound interest payable annually. The interest in the two successive years is ₹225 and ₹240.
To find:
Find: (i)the rate of interest (ii)the original sum (iii)the interest earned in the third year.
Solution:
From given, we have,
Interest on Rs.225 for one year = Rs. 240 - Rs. 225 = Rs. 15
(i)the rate of interest
Rate of interest = 100I/RT = (100 × 15)/(225 × 1) = 20/3% = 6 2/3%
Interest on the original sum for one year = Rs.225
(ii)the original sum
Original sum = 100I/RT = (100 × 225)/[(20/3) × 1] = Rs.3375
At the end of two years, total amount = 3375 + 225 + 240 = Rs.3840
(iii)the interest earned in the third year.
Interest for 3rd year = Interest on Rs.3840 for one year
= [3840 × (20/3) × 1]/100 = Rs.256
Step-by-step explanation:
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