M invested a sum of money at compound interest. It is amounted to RSVP. 6741 in 3 years and Raised. 9420 in 4 years. Find the rate of interest.
Answers
Answer:
30,000
Step-by-step explanation:
Given
A sum of money was invested for 3 years. interest being compounded annually. the rates for successive years were 10%, 15% and 18% respectively. if the compound interest for the second year amounted to rs. 4950, find the sum invested.
Let the principal amount be x
So interest for first year = p r t / 100
= x x 10 x 1 / 100
= x / 10
Now principal for second year = x + x / 10
= 11 x / 10
So interest for second year will be = p r t / 100
= 11 x/ 10 x 15 x 1 / 100
= 33 x / 200
So 33 x / 200 = 4950
33 x = 4950 x 200
X = 990000 / 33
X = 30,000
Hence sum invested is Rs 30,000
Answer:
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