Question

Sum of money invested at Compound Interest amounts to ₹48400 in two years and ₹58564 in 4 years. Find Rate of Interest and the sum of money.​

please help

Answer 1

first case

principle=x

amount=48400

rate=r%

time= 2 years

using formula

amount=p[1+r/100]^n

₹48400=x[1+r/100]^2

₹48400/x=[1+r/100]^2 --------- eq(1)

second case

principle=x

amount=₹58564

rate=r%

time=4 years

using formula

amount=p[1+r/100]^n

₹58564=x[1+r/100]^4

₹58564/4=[1+r/100]^4 ---------- eq(2)

comparing both equations

48400/x=(1+r/100)^2

58564/x=(1+r/100)^4

1.20= (1+r/100)^2

square root on both sides

1.09=1+r/100

0.09=r/100

r=9%

48400=x(1+9/100))^2

48400=x((1.09)^2)

48400= 1.20(x)

x=48400/1.20

x=40,333

principle=40,333

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