A person invests Rs. 5,000 for three years at a certain rate of interest compounded annually.

At the end of two years this sum amounts if Rs. 6,272. Calculate :

(i) the rate of interest per annum.

(ii) the amount at the end of the third year.

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Solution

$P = R s . 5000 r = x % n = 2 y e a r s A = R s . 6272 A = P (1 + \frac{r}{100})^{n} \Rightarrow 6272 = 5000 (1 + \frac{x}{100})^{2} \Rightarrow x = 12 %$

At the end of the third year

$A = P (1 + \frac{r}{100})^{n} \Rightarrow A = 5000 (1 + \frac{12}{100})^{3} = R s . 7024.64$

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A person invests Rs. 5,000 for three years at a certain rate of interest compounded annually. At the end of two years this sum amounts if Rs. 6,272. Calculate : (i) the rate of interest per annum. (ii) the amount at the end of the third year.

P=Rs. 5000r=x%n=2 yearsA=Rs. 6272A=P(1+r100)n⇒6272=5000(1+x100)2⇒x=12% At the end of the third year A=P(1+r100)n⇒A=5000(1+12100)3=Rs. 7024.64

A person invests Rs. 5,000 for three years at a certain rate of interest compounded annually.

At the end of two years this sum amounts if Rs. 6,272. Calculate :

(i) the rate of interest per annum.

(ii) the amount at the end of the third year.

$P = R s . 5000 r = x % n = 2 y e a r s A = R s . 6272 A = P (1 + \frac{r}{100})^{n} \Rightarrow 6272 = 5000 (1 + \frac{x}{100})^{2} \Rightarrow x = 12 %$

At the end of the third year

$A = P (1 + \frac{r}{100})^{n} \Rightarrow A = 5000 (1 + \frac{12}{100})^{3} = R s . 7024.64$