Question

A sum of money put at 9 percent per annum simple interest amount to rs 10160 in 3 year.What will it amount to in 2 year at 8 percent per annum.

Answer 1

Answer:

Rs. 9280

Step-by-step explanation:

Let x be the principal amount.

Given,

Interest for 1 year = 9%.

Term = 3yrs

Amount = Rs. 10,160

I = PTR/100 = x * 3 * 9 /100 = 27x/100

Amount = Principal + Interest = x  + 27x/100 = 127x/100

=> 127x/100 = 10,160

=> x = 10,160* 100/127 = Rs. 8000.

Hence the principal is Rs. 8000.

Now we need to calculate amount at end of 2 years.

Amount for 2 years = Principal + Interest for two years

                                 = 8000 + [8000 * 8 * 2/100]

                                 = 8000 + 1280

                                  = Rs. 9280