Question

what sum of money will amount to rs 5724 in 2 years of the compound interest rates are 6% and 8% for successive years

Answer 1

Given:

What sum of money will amount to rs 5724 in 2 years of the compound interest rates are 6% and 8% for successive years?

To find:

The sum of money

Solution:

We know that the formula for calculating the Amount for successive years is as follows:

$\boxed{\bold{A = P [1 + \frac{R_1}{100} ][1+ \frac{R_2}{100} ][1+ \frac{R_3}{100}]\:.\:.\:.\: }}$

The amount, A = Rs. 5724

The rate of interest for successive years are R₁ = 6% and R₂ = 8%

The no. of years, n = 2 years

Now, on substituting the given values of the A, R₁ and R₂, we get

$5724 = P[1 + \frac{6}{100} ][1+ \frac{8}{100} ]$

$\implies 5724 = P[ \frac{100 + 6}{100} ][ \frac{100 + 8}{100} ]$

$\implies 5724 = P[ \frac{106}{100} ][ \frac{108}{100} ]$

$\implies P = 5724 \times \frac{100}{106}\times \frac{100}{108}$

$\implies \bold{P = Rs.\:5000}$

 

 Thus, the sum of money will amount to rs 5724 in 2 years of the compound interest rates are 6% and 8% for successive years is →

Rs. 5000.

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