Question

Sahil deposited an amount in a bank at a certain rate of interest which is compounded annually. When he
inquired from the bank after two years, its value was 158700 and after three years its value was 182505.
The amount deposited by him and the rate of interest, respectively, were​

Answer 1

Given :- Sahil deposited an amount in a bank at a certain rate of interest which is compounded annually. When he inquired from the bank after two years, its value was 158700 and after three years its value was 182505. The amount deposited by him and the rate of interest, respectively, were ?

Solution :-

we know that,

• in compound interest we gets interest on interest .

given that,

→ Amount after two years was = Rs.158700

and,

→ Amount after three years was = Rs.182505 .

So,

→ Interest given by bank in 3rd year was = 182505 - 158700 = Rs.23,805 .

Let us assume that the rate of interest was R% .

Than,

→ Principal = Rs.158700

→ Rate = R% compounded annually .

→ Time = 1 year.

→ interest = Rs.23805

{ As we know that compound interest in 1 year is same as simple interest. }

So,

→ SI = (P * R * T) / 100

→ 23805 = (158700 * R * 1) / 100

→ 1587R = 23805

dividing both sides by 1587 ,

→ R = 15% (Ans.)

Now, Let us assume that, Sahil deposit Rs.P in bank.

Than, we have,

→ Principal = Rs.P

→ Amount after 2 years = 158700 .

→ Rate = 15% compounded annually.

we know that,

• Amount = Principal[ 1 + (rate/100)]^(time) .

Putting all values we get,

→ 158700 = P[1 + (15/100)]²

→ 158700 = P[ 1 + (3/20) ]²

→ 158700 = P(23/20)²

→ 158700 = P(529/400)

→ 529P = 158700 * 400

dividing both sides by 529,

→ P = 300 * 400

→ P = Rs.120000 . (Ans.)

Hence, The amount deposited by Sahil and the rate of interest, respectively, were Rs.120000 and 15% per annum.

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Answer 2

Step-by-step explanation:

sahil deposited rs. 13000 in a bank at the rate of 9% p.a. he collected rs.1170.as interest at the end of the period for how many years had he deposited the money.