Example 10. A sum lent on compound interest becomes 2420 in 2 years and
the sum.
2662 in 3 years. Find the sum.
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Answer:
Step-by-step explanation:
Amount in 2 years = Rs.2420
Amount in 3 years = Rs.2662
Interest for one year for Rs.2420 is 2662-2420 = Rs.242
I = Rs.242, P = Rs.2420
R=100×IPN=100×2422420=10%
Compound Inteerest A = P(1+r100)n
2420=P(1+10100)2
= P(1110)2=P×121100
P = 2420×100121=Rs.2000
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