Question

On certain sum of money, invested at the rate of 5%p.a compounded annually, the difference between the interest of the first year and the interest of the third year is Rs 61.50. find the sum.​

Answer 1

Answer:

20000

Step-by-step explanation:

Let the sum be x

rate of interest = 4%

Time = 1 year

Compound interest of first year = Amount - Principal =1.05x - x = 0.05x

When Time = 2 year

Compound interest till second year = Amount - Principal =1.1025x - x = 0.1025x

When Time = 3 year

Compound interest till third year = Amount - Principal =1.157625x - x = 0.157625x

Compound interest for third year = Compound interest till third year-Compound interest till second year

Compound interest for third year = 0.157625x-0.1025x=0.055125x

Difference between third year ci and first year ci = 0.055125x-0.05x=0.005125x

We are given that the difference between the interest of third year and first year is rupees 102.50

So,

Hence the sum is 20000

Step-by-step explanation:

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