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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Answer:
12 percent
Explanation:
WeknowthatCompoundInterest=Amount−Principal
Amountfor3rdyear−Amountfor2ndyearwillbetheinterestfor3rdyear
Amountfor2ndyearwillserveasPrincipalfor3rdyear
Asperproblem7024.64−6272=752.64(compoundinterest)
⇒P(1+100r)3−P(1+100r)2=752.64
⇒P(1+100r)2[(1+100r)−1]=752.64
⇒6272[100r]=752.64
⇒6272r=75264
r=627275264=12%
Let the sum be P
AS PER PROBLEM,
Sum of money is 5000 and rate of interest is 12 percent.
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