Question

a sum of money put at 11% per annum amounts to Rs 4491 in 2years 3months. what will it amount to in 3 years at the same rate ?

Answer 1

Hi,

1 ) Let the Sum = P

Rate of interest = R = 11%

Time = 2yrs 3 months =( 2 + 3/12 ) yrs = 9/4 yrs

Amount (A1) = Rs 4491

We know that,

A = P( 1+ TR/ 100 )

4491 = P [ 1 + ( 9 × 11 ) / (4 × 100 ) ]

4491 = P ( 400 + 99 ) /400

4491 = P ( 499 /400 )

P = ( 4491 × 400 ) / 499

P = RS 3600

2 ) P = Rs 3600

R = 11 %

T = 3 Years

Amount = A2

A2 = P ( 1 + TR /100 )

= 3600 ( 1 + 3 × 11 /100 )

= 3600 ( 100 + 33 ) /100

= 3600 × 133 / 100

= Rs 4788

The sum amounts Rs 4788 in 3 years at 11 % rate.

I hope this helps you.

:)