Question

if rupees 640 amount to rupees 985.60 in 3 year ,what will rupees 860 amount to in 2 years ,if the rate of interest is same in both cases

Answer 1

Given,
640 rupees amount to rupees 985.60 in 3 years.
therefore,
P=640
T=3
A=985.60

I=A-P
=985.60-640=345.60
therefore,
I=PTR/100
therefore,
R=100I/PT
R=100×345.60/640×3
=34560/1920
=18

since,amount for p 860 in 3 years
p=860
t=2
r=18

A=[PTR/100]+P
=[860×2×18/100]+860
=[30960/100]+860
=309.60+860
=1169.60