Question

An Amount of money grows up to Rs.5100 in 2 years & up to Rs.5800 in 3 years on compound interest. Find the rate percent?

Answer 1

Answer:

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Answer 2

Concept:

The compound interest formula can be written as,

Amount, A = P (1 + R/100)ⁿ

where P is the principal amount, R is the rate and n is the time.

Given:

The Amount of money will be Rs.5100 in 2 years and Rs.5800 in 3 years on compound interest.

Find:

The rate percent for the amount.

Solution:

The amount of money will be Rs.5100 in 2 years and Rs.5800 in 3 years, Substituting the given data in the formula,

A = P (1 + R/100)ⁿ

5100 =  P (1 + R/100)²

5800 =  P (1 + R/100)³

Dividing both the equations,

5100/5800 =  P (1 + R/100)² /  P (1 + R/100)³

Canceling the common terms,

58/51 =  (1 + R/100)

58/51 - 1 = R/100

8/51 = R/100

R = 800/51 = 15.69%

Hence, the interest rate percent is 15.69%.

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