Question

how much should Ratan invest in an agency which pays interest at the rate of 9% compounded annually to get an amount of rupees 71286 into year. Find the rate of compound interest per annum​

Answer 1

Given:

The rate of interest per annum = 9%

After 2 years, Ratan will get an amount of Rs. 71286

To find:

The sum of money Ratan should invest in the agency and

Solution:

Let "P" represent the sum of money that Ratan should invest in the agency.

The formula to find the amount in compound interest is given as,

$\boxed{\boxed{\bold{A = P [1+\frac{R}{100} ]^n}}}$

where

A = amount

P = sum of money

R = rate of interest

n = time period

Now, substituting the given values in the above formula, we get

$71286 = P [1+ \frac{9}{100} ]^2$

$\implies 71286 = P [ \frac{100\: + \:9}{100} ]^2$

$\implies 71286 = P [ \frac{109}{100} ]^2$

$\implies P = \frac{71286\:\times \:100\:\times\: 100}{109\: \times\: 109}$

$\implies P = \frac{712860000}{11881}$

$\implies \bold{P = Rs.\:60,000}$

Thus, Ratan should invest Rs. 60,000 in the agency.

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Answer 2

Answer:

Let the principal be p

The rate is 8% per annum

The time is 2 year

Amount is ₹71286

so the principal be

71286=p(1+9/100)²

71286=p(109/100)²

P=. 71286*100*100/11881

p = 60000