Question

the compound interest compounded annually on a certain sum is rs 29040 in second year and is rs 31944in third year calculate the rate and interest for 1st and 4th year

Answer 1

The compound interest, calculated yearly, on a certain sum of money for the 2nd year is Rs 880 and for the 3rd year is Rs 968. What is the annual rate of interest and the original money?

Request a free demo of Mixpanel.

Let, P be the principal amount and r% be the rate of compound interest.

P*[{1 + (r / 100)}^2 - {1 + (r / 100)}] = 880 ……(I)

P*[{1 + (r / 100)}^3 - {1 + (r / 100)}^2] = 968 …(II)

(II) / (I) gives:

{1 + (r / 100)} = 1.1

(r / 100) = 0.1

r = 10

Rate of compound interest = 10%.

P*{(1.1)*(1.1) - 1.1} = 880

P*(1.21 - 1.1) = 880

P*(0.11) = 880

P = 8000.

Principal amount = 8000 rupees

Answer 2

Answer:

don't know i too have problem in this question

Step-by-step explanation: