A sum of money put at compound interest amounts in 2 years to Rs.441 and in 3 years to Rs.463.05. find the rate of interest?
akashdani983:
Excuse me, please quickly solve this problem because very urgent
Answers
Answered by
1
Given
Amount in 2 yrs =₹441
In 3 yr =463.05
Interest on 2nd year Amout (I.e. Principal for 3rd yr) =463.05-441
=21.05
As we know interest = pxrxt /100
21.05= 441xrx1/100
21.05x100=441xr
2105=441xr
R=2105/441
R=5%
This is your ans hope it will help you in case of any doubt comment below
(Little explanation => difference between 2nd and 3rd year Amount is due to interest on 2nd year principal and intrest or we can say Amount that will become principal for next 3rd year.)
Amount in 2 yrs =₹441
In 3 yr =463.05
Interest on 2nd year Amout (I.e. Principal for 3rd yr) =463.05-441
=21.05
As we know interest = pxrxt /100
21.05= 441xrx1/100
21.05x100=441xr
2105=441xr
R=2105/441
R=5%
This is your ans hope it will help you in case of any doubt comment below
(Little explanation => difference between 2nd and 3rd year Amount is due to interest on 2nd year principal and intrest or we can say Amount that will become principal for next 3rd year.)
Similar questions