Question

On a certain sum,the compound Interest in 2years amounts to rupees 4240. If the rates of Interest for successive years are 10 percent and 15 percent respectively. Find the sum

Answer 1

Answer:

Use the formula for successive percentage, a+b+a.b/100 hence resultant rate will be 10+15+1.5=26.5. Now we know the CI=4240, R=26.5% hence calculate using formula. P(1+26.5/100)^2 -P = 4280, hence P = 16000.

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