CI on a certain sum for 5th years is 506 and for 6th year CI obtained is 562. Find rate of interest ? a) 11.067% b) 11.24% c) 11.25% d) 11.57%
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Answer:
Let the principle is P Rs. and rate of interest is R%
Time =2 years
Then for C.I:
CI=P(1+
100
R
)
2
−P
⇒41=P[(1+
100
R
)
2
−1] .....[∵(a+b)
2
=a
2
+b
2
+2ab]
⇒41=P[1+
100
2R
+
10000
R
2
−1]
⇒41=
100
2PR
+
10000
PR
2
⇒41=
50
PR
+
10000
PR∗R
........(1)
For SI:
⇒SI=
100
PRT
⇒40=
100
PR2
⇒40=
50
PR
⇒PR=2000
Put the value of PR in (1),
41=
50
2000
+
10000
2000
×R
⇒41=40+
5
1
R
⇒41−40=
5
1
R
⇒R=1×5
⇒R=5%
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