A sum of money is invested at compound interest payable annually. The interest in two successive years in 225 and 240 find 1.the rate of interest 2. The original sum 3.the interest earned in the third year.
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Hi
By the problem,
225(1 +R /100)=240
=>1+R /100 = 240 /225
=>100 + R = 320 /3
=>R = 20/3
=>R = 6.66 % per annum
Interest earned in the third year
= 240 {1 + (20/3) /100}
=240 *16/15
= Rs. 256
The rate of interest is 6.66%p.a and the interest earned in the third year is Rs. 256.
Hope this helps. :)
By the problem,
225(1 +R /100)=240
=>1+R /100 = 240 /225
=>100 + R = 320 /3
=>R = 20/3
=>R = 6.66 % per annum
Interest earned in the third year
= 240 {1 + (20/3) /100}
=240 *16/15
= Rs. 256
The rate of interest is 6.66%p.a and the interest earned in the third year is Rs. 256.
Hope this helps. :)
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