A certain sum at compound interest amounts in | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(C) Let the principal be $P$ and the rate of interest be $R \%$. The amount after $n$ years is given by $A = P(1 + \frac{R}{100})^n$. For $2$ years: $

Vedclass · Accepted Answer

$2500$

Vedclass · Answer

(C) Let the principal be $P$ and the rate of interest be $R \%$. The amount after $n$ years is given by $A = P(1 + \frac{R}{100})^n$. For $2$ years: $2809 = P(1 + \frac{R}{100})^2$  --- $(i)$ For $3$ years: $2977.54 = P(1 + \frac{R}{100})^3$  --- $(ii)$ Dividing $(ii)$ by $(i)$: $\frac{2977.54}{2809} = 1 + \frac{R}{100}$ $1.06 = 1 + \frac{R}{100}$ $\frac{R}{100} = 0.06 \implies R = 6 \%$. Now,substitute $R = 6$ in equation $(i)$: $2809 = P(1 + \frac{6}{100})^2$ $2809 = P(1.06)^2$ $2809 = P(1.1236)$ $P = \frac{2809}{1.1236} = 2500$. Thus,the rate of interest is $6 \%$ and the original sum is ₹ $2500$.

$A$ certain sum at compound interest amounts in two years to ₹ $2809$ and in three years to ₹ $2977.54$. Find the rate of interest and the original sum (in ₹).

Similar Questions

The compound interest (in ₹) on ₹ $12000$ for $9$ months at $20 \%$ per annum,interest being compounded quarterly,is

What sum will amount (in ₹) to ₹ $15916.59$ in $3$ years at compound interest,if the interest rates for the first,second,and third year are $3\%$,$2\%$,and $1\%$ respectively?

The principal that amounts to ₹ $4913$ in $3$ years at $6 \frac{1}{4} \%$ per annum compound interest compounded annually (in ₹) is:

What annual payment (in ₹) will discharge a debt of ₹ $1025$ due in $2$ years at the rate of $5 \%$ compound interest?

What is the difference between the compound interest and simple interest on ₹ $4000$ at $5 \%$ per annum for $2$ years?

Vedclass Test Series

Exam Paper Generator

Online Exam Module