The interest charged on a certain sum is Rs 720 for one year and Rs 1497.60 for
two years. Find whether the interest is simple or compound. Also, calculate the
rate percent and the sum.
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Answer:
Interest for 1 year=Rs.720
Interest for 2 years=Rs.1497.60
∴ Interest for 2nd year=1497.60−720=Rs.777.60
As the interst is not same for two years, it is compund interest not simple interest.
Difference between C.I of two successive years=777.60−720=Rs.57.60
∴Rate of interest=
720×1
57.60×100
=8%
Let the sum be Rs.100
∴Interest on it for 1st year=8% of 100=
100
8
×100=Rs.8
If the interest for one year is Rs 8 then sum=Rs.100
If the interest for one year is 720 then sum=
8
100
×720=Rs.9000
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