The CI on a certain sum of money for 2 years is Rs. 2200 and that for 3 years is Rs. 3640. What is the rate of interest?
Answers
Hey there!!
Let us take the principle as = x
Term = 2 years
Rate = 8%
Simple interest = 2400 rupees
Formula for simple interest = ( principle × term × rate ) ÷ 100
= ( x × 2 × 8 ) ÷ 100
= ( 16 x ) ÷ 100
= ( 8 x ) ÷ 50
= ( 4 x ) ÷ 25
( 4 x ) ÷ 25 = 2400
( 4 x ) = 2400 × 25
x = ( 2400 × 25 ) ÷ 4
x = ( 600 × 25 )
x = rupees 15,000
Principle = rupees 15,000
Compound interest =
principle × ( 1 + ( r ÷ 100 ) ) ^ n
15,000 × ( 1 + ( 8 ÷ 100 ) ) ²
15,000 × ( 1 + ( 4 ÷ 50 ) ) ²
15,000 × ( 54 ÷ 50 ) ²
15,000 × ( 54 ÷ 50 ) × ( 54 ÷ 50 )
150 × ( 54 ÷ 5 ) × ( 54 ÷ 5 )
30 × ( 54 ) × ( 54 ÷ 5 )
( 6 ) × ( 54 ) × ( 54 )
= 17,496
17,496 is the amount
Amount = Principle + interest
17,496 = 15,000 + interest
2,496 = interest
Compound interest = 2,496
Hope my answer helps!
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