Question

On a certain sum of money lent out at
c.i interest for first second and third year are rs 1500 rs 1725 and rs 2070 respectively find the rate of interest for the second year n third year

Answer 1

Answer:

Step-by-step explanation:

Consider the Principle amount is Rs x

The formula for calculating compound interest is:

$I=[P(1+i)^n]$

Where,

P=Principal,

i= nominal annual interest rate in percentage terms,

n = number of compounding periods

Therefore,

For the first year :

$I=P[(1+i)^n}]\\\\\Rightarrow I=P(1+i)^1\\\\\Rightarrow I=P(1+i)\\\\\Rightarrow 1500=P(1+i)\\\\\Rightarrow P=\frac{1500}{(1+i)}\text{.....................equation-1}$

For the second year :

$I=P[(1+i)^n}]\\\\\Rightarrow I=P[(1+i)^2]\\\\\Rightarrow 1725=P(1+i)^2\\\\\Rightarrow P=\frac{1725}{(1+i)^2}\text{.....................equation-2}$

comparing both equation we get

$I=P[(1+i)^n}]\\\\\Rightarrow I=P(1+i)^1\\\\\Rightarrow I=P(1+i)\\\\\Rightarrow 1500=P(1+i)\\\\\Rightarrow P[tex]P=\frac{1725}{(1+i)^2}=\frac{1500}{(1+i)}\\\\\Rightarrow \frac{1725}{(1+i)}=1500\\\\\Rightarrow 1725=1500\times(1+i)\\\\\Rightarrow 1725=1500+1500i\\\\\Rightarrow 1500i=1725-1500\\\\\Rightarrow 1500i=225\\\\\Rightarrow i=\frac{225}{1500}\\\\\Rightarrow i=.15$

the rate of interest for the second year is 15%

                           

Answer 2

Answer:

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Step-by-step explanation:

by dharmik vyas