An amount at compound interest sums to Rs.17640/- in 2 years and to Rs.18522/- in 3 years at the same rate of interest. Find the rate percentage
The difference of two successive amounts must be the simple interest in 1 year onthe lower amount of money. S.I = 18522/- - 17640/- = Rs. 882/- Rate of interest = (882/17640) × (100/1) => 8820/1764 = 5% Principal = Amount/(1 + R/100)n = 17640/(1 + 5/100)2 = 17640/(21/20 × 21/20) = 17640/(1.05 × 1.05) = 17640/1.1025 = 16000Thus the principal is Rs.16000/- and the rate of interest is 5%
Certain sum becomes 3 times it self at compound interest in 10 years. In how many years it becomes 9 times
What would be the compound interest on Rs.7700/- at 15 ¼% per annum for 2 years compounded annually