interest on certain sum of money increase by 3/25 of its every year and after 2 years its amount equal to Rs 6272 at compound interest of Rs5000 becomes Rs1655?
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Step-by-step explanation:
Answer
WeknowthatCompoundInterest=Amount−Principal
Amountfor3rdyear−Amountfor2ndyearwillbetheinterestfor3rdyear
Amountfor2ndyearwillserveasPrincipalfor3rdyear
Asperproblem7024.64−6272=752.64(compoundinterest)
⇒P(1+
100
r
)
3
−P(1+
100
r
)
2
=752.64
⇒P(1+
100
r
)
2
[(1+
100
r
)−1]=752.64
⇒6272[
100
r
]=752.64
⇒6272r=75264
r=
6272
75264
=12%
Let the sum be P
AS PER PROBLEM, 6272=P(1+
100
12
)
2
6272=P1.2544
P=
1.2544
6272
=5000
Sum of money is 5000 and rate of interest is 12 percent.
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