Question

What sum will amount to Rs.2782.50 in 2 years at compound interest, if the rates are 5% and 6% for the successive years? (i) the rate of interest (ii) the original sum (iii) the interest earned in the third year.

Answer 1

u can use the following formulas of=)
$amt = (1 - \frac{rate1}{100} )(1 - \frac{rate2}{100} ) \\ principle = amt - ci$

Answer 2

The sum Rs. 2500 will amount to Rs.2782.50 in 2 years at compound interest, if the rates are 5% and 6% for the successive years

Solution:

We have been given two different rates for two consecutive years these are 5% and 6%  

The sum will amount to Rs.2782.50 in 2 years

Let the amount invested be ‘P’

The formula for amount for given two different rates for two consecutive years these are 5% and 6%  is given as:

$A=P\left(1+\frac{r}{100}\right) \times\left(1+\frac{R}{100}\right)$

$\begin{array}{l}{2782.50=\mathrm{P}\left(1+\frac{5}{100}\right) \times\left(1+\frac{6}{100}\right)} \\\\ {2782.50=p\left(\frac{105}{100}\right)\left(\frac{106}{100}\right)}\end{array}$

$p=\frac{2782.50 \times 100 \times 100}{105 \times 106}=2500$

Thus the sum is Rs. 2500

Learn more about compound interest

A sum of money, invested at compound interest, amounts to Rs.16,500 in 1 year and to Rs.19,965 in 3 years. Find the rate per cent and the original sum of money.

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Find the compound interest on 24000 for six month if the interest is payable quarterly @ 20 paise per annum

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