Question

What sum of money will amount to Rs.9744 in 2 years, if the rate of interest is 10% ?​

Answer 1

Answer:

For the first year,  on interest being compounded at R=16 %, we have 

Amount =P(1+100R)N

=P×(1+10016)1

=P×1.16

= Rs  1.16P

For the second year, P= Rs. 1.16P on interest being compounded at R=20 %, we have 

Amount =P(1+100R)N

= Rs. 1.16P×(1+10020)1

= Rs. 1.16P×1.20

= Rs. 1.392P 

Given, 1.392P=9,744

⇒P= Rs. 7,000

please mark brilliant list