the interest received from the second year on a certain sum of money exceeds the interest received in the first year$500 if the amount was
invested at 10%compound interest per annum, what was the sum interest in the beginning
Answers
Step-by-step explanation:
The interest received from the second year on a certain sum of money exceeds the interest received in the first year$500 if the amount was
invested at 10%compound interest per annum,
Then the sum was 7777 interest in the beginning.
The sum invested in the beginning is 50000 $ if 2nd year interest exceeds 1st year interest by 500 $ at 10% compound interest per annum.
Given :
The interest received from the second year on a certain sum of money exceeds the interest received in the first year by $500
The amount was invested at 10%compound interest per annum,
To Find :
the sum invested in the beginning
Solution:
Sum invested in beginning = 100X $
SI = P * R * T/100
P = 100X
R = 10 %
T = 1
Interest in 1st Year = 100X * 10 * 1/ 100 = 10X $
Amount after 1 year =100X + 10X = 110X
Interest in 2nd Year = 110X * 10 * 1/ 100 = 11X $
Interest received in 2nd year exceeds 1st year interest by 500 $ hence,
11X - 10X = 500
=> X = 500
=> 100X = 50000
the sum invested in the beginning = 50000 $
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