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TULLUIst yo*760.50; find the rate of interest.3. A certain sum amounts to * 5,292 in twoyears and 5.556.60 in three years, interestbeing compounded annually. Find:(i) the rate of interest(ii) the original sum.for 2 ye* 3,560(i) the i(ii) the(iii) theyeandyearlyon |
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Answer» Given amount of 2 years = 5292 RsAmount of 3 years = Rs 5556.6.Let sum = Rs p and rate of interst = r%Amount = sum (1+rate/100)^time5292 = p (1+r/100)²p = 5292/(1+r/100)²→ A Similarly5556.60 = p(1+r/100)³p = 5556.60/(1+r/100)³→ B From A and B5292/(1+r/100)² = 5556.60/(1+r100)³5292 = 5556.60/(1+r/100)5292 = 5556.60/(100+r/100)5292 = 5556.60*100/(100+r)529200 + 5292r = 5556605292r = 555660 - 529200r = 26460/5292 = 5%Rate of interest = 5% p = 5292/(1+5/100)²p = 5292/(21/20)²p = 5292/(441/400)p = 5292*400/441 = Rs 4800Sum = Rs 4800 From where did you get 21/20 |
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