Question

section Tick() the correct answer. Mr. X invested 1800 at a compound rate of interest for 2 years. He got 1984.50 after the specified period. Find the rate of interest.reasoning

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Answer 1

Answer:

5 percent is the correct answer.

Answer 2

Answer:

The amount invested is Rs 20000.

Step-by-step explanation:

Let Principal be P.

Rate is R=15%=0.15

Time is T=2 years

Using simple interest formula,

$SI=P\times R\times TSI=P×R×T$

SI=P\times 0.15\times 2SI=P×0.15×2

SI=0.3PSI=0.3P

Using compound interest formula,

CI=P(1+r)^t-PCI=P(1+r)

t

−P

CI=P(1+0.15)^2-PCI=P(1+0.15)

2

−P

CI=P(1.15)^2-PCI=P(1.15)

2

−P

CI=1.3225P-PCI=1.3225P−P

CI=0.3225PCI=0.3225P

He earned in interest is Rs.450.

Total Interest is I=SI+CII=SI+CI

I=CI-SII=CI−SI

450=0.3225P-0.3P450=0.3225P−0.3P

450=0.0225P450=0.0225P

P=\frac{450}{0.0225}P=

0.0225

450

P=20,000P=20,000

Therefore, the amount invested is Rs 20000.

#Learn more

Find the amount and the compound interest on rs 16000 for 3 years at 5 percent per annum compounded anually.

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