Question

Manish invested a sum of money at ci. it amounted to rs 2420 in 2 years and rs 2662 in 3 years. find the rate percent per annum. select one: 15% 10% 12.35% 12% none

Answer 1

      The rate of interest percent per annum is 10%.

• Manish invested 2420 in 2 years.
• He also invested 2662 in 3 years.  
• So as per the question last year interest is= Rs 2662 – Rs 2420 = Rs 242
• Therefore, Rate of interest in percent is = (242 * 100)/(2420 * 1)= 10%
• So among 15% 10% 12.35% 12% the rate of interest percent per annum is 10%.  

Answer 2

The rate per cent per annum is option (2): 10%.

Step-by-step explanation:

Required Formula:

Amount, A = P [1 + R/100]ⁿ

Let the sum of money invested by Manish at C.I. be Rs. “P” and the rate of interest be “R%”.

When Manish invests the sum for 2 years at compound interest, it amounts to Rs. 2420 .

So, based on the formula we can write the eq, as,

2420 = P [1 + R/100]² ……. (i)

and,

When Manish invests the sum for 3 years at compound interest, it amounts to Rs. 2662

So, based on the formula we can write the eq, as,

2662 = P [1 + R/100]³ ……. (ii)

Now, on dividing the eq. (ii) by (i), we get

[2662/2420] = [P {1 + R/100}³] / [P{1 + R/100}²]  

⇒ 1.1 = [1+R/100]

⇒ 1.1 – 1 = R/100

⇒ 0.1 = R/100

⇒ R = 10%

Thus, the rate of interest is 10% p.a.

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