Question

The compound interest for a certain sum of money for the first year is Rs 200 and for the second year is Rs 210. Find the rate of interest and the sum of money.

Answer 1

Answer:

The sum is Rs 1000 and rate of interest is 10 %

Solution:

Given that,

S.I. for 2 year = Rs. 200

Therefore,

S.I. for 1 year = Rs. 100

C.I. and S.I. for 1 year is equal

Therefore,

C.I. for 1 year = Rs. 100

From given,

C.I for 2 years = Rs 210

Thus, C.I for 2 nd year = 210 - 100 = 110

Then, simple interest on Rs 200 for 1 year = 110 - 100 = 10

Simple interest formula is:

Where,

p is principal

r is rate of interest

n is number of years

Therefore,

S.I = 10

p = 100

n = 1

r = ?

Thus,

Thus, rate of interest is 10 %

Now, n = 1 year, r = 10 % and S.I = 100

Thus sum is Rs 1000 and rate of interest is 10 %

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Find the sum and rate of simple interest if its amount is 7200Rs in 5 years and to 8064Rs

Step-by-step explanation: