the compound interest on a sum of money for the first and second years are Rs. 1200 and Rs. 1344 respectively. Find the rate of interest and the principal
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Answer:The simple interest and the compound interest on a sum of money at a certain rate for 2 year is Rs.1,260 and Rs.1.323 respectively.
Find the sum and the rate.
Answer
Simple Interest, S.I. = Rs. 1260 =
100
PR×2
=
50
PR
-(i)
Compound Interest, C.I. = Amount(A) - Principle(P)
=P(1+
100
R
)
2
- P = PR(R/10000+1/50)=Rs.1323 -(ii)
Dividing (ii) by (I),
200
R
+1 =
1260
1323
⇒Rate,R=10%p.a.
Now,
100
PRT
=1260
⇒
100
P×10×2
=1260
⇒ Principal or Sum , P = Rs.6,300
Step-by-step explanation:
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