a sum of money was invested at compound interest added annually. after endof first years interest was ₹125 and the end of second year it was ₹ 130 find the sum invested and rate of percent
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Given : A sum of money was invested at compound interest added annually.
After end of first year the interest was ` 125 and the end of second year it was ` 130.
To Find : the sum invested and rate of percent.
Solution:
Interest of 1st year = 125
Additional interest in 2nd year = 130 - 125 = 5
interest of 5 is basically interest on 125
Hence 5 = 125 * R * 1 /100
=> R = 4 %
P * R * 1 /100 = 125
=> P * 4 * 1 /100 = 125
=> P = 12500/4
=> P = 3125
sum invested = 3125
Rate of interest = 4 %
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