Question

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What sum will amount to 6,593.40 in 2 years at C.I., if the rates are 10 percent and 11 percent for the two successive years ?​

Answer 1

Answer:

Let the sum be Rs. x.

Given that

Amount = Rs. 6593.40

Time= 2years

Rate= 10%p.a. and 11%p.a.

CI = 6593.40 - x

Using formula,

CI= P (1 + R1 / 100)(1+R2/100)

( For equation, check the attachment.)

Solving the equation, we find that

Solving the equation, we find that x = 2968.66

Therefore, Sum= Rs. 2968.66

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