The compound interest calculated yearly on a sum of money for first 1 year is rs.400 and for first 2 years is rs.832. calculate the rate of interest and the sum invested.
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Step-by-step explanation:
let principle and rate be P and R
for 1st year
SI = P×R×T/100
400 = P×R×1/100
40000/P = R _____(i)
for second year
principle = principle + interest
= P + 400
SI = (P+400)×R×T/100
832 = (P+400)×R/100
83200/(P+400) = R _____(ii)
From (i) and (ii)
40000/P = 83200/(P+400)
400(P+400) = 832P
400P+160000 = 832P
832P - 400P = 160000
432P = 160000
P = 160000/432
P = 370.37
Putting value of P in equation (i)
R = 40000/370.37
R = 108 % approx
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