Question

If a sum of money at compound interest amounts in two years to Rs.2,809 and in 3 years to Rs.2,977.54. Find the rate of interest.

Answer 1

Answer:

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Answer 2

Answer :-

The rate of interest is 6%.

Explanation :-

Given :

A sum of money put at compound interest amount in 2 year 2809 and 3 year to 2977.54.

To Find :

Rate of interest.

Solution :

Compound Interest Formula :-

$\bigstar\boxed{A=P \bigg(1+\dfrac{r}{100} \bigg)^{t}}$

Compound interest amount in 2 year 2809 is

$2809=P\bigg(1+\dfrac{r}{100}\bigg)^{2}$.........(i)

Compound interest amount in 3 year to 2977.54 is

$2997.54=P\bigg(1+\dfrac{r}{100}\bigg)$.........(ii)

Divide  (ii) by (ii)

$\dfrac{2977.5}{2809}=\dfrac{P(1+\frac{r}{100} )^3} {P(1+\frac{r}{100} )^2}$

$1.06=\bigg(1+\dfrac{r}{100} \bigg)$

$1.06-1=\dfrac{r}{100}$

$0.06=\dfrac{r}{100}$

$r=6\ \%$