Question

A sum of money invested at $8\%$ per annum amounts to $Rs12122$ in $2$ years. What will it amount to in $2$ years $8$ months at $9\%$ per annum

Answer 1

Given r=8%, t=2 years

We know that $A=P(1+\frac{rt}{1w})$

$\Rightarrow 12122=P(1+\frac{16}{100})$

$\Rightarrow P=10450$

After 2 years 8 months, it will be

$=10450\times (1+\frac{8}{3}\times \frac{9}{100})$

$=10450\times \frac{124}{100}$

$=Rs.12958.$

Hence, the answer is $12958.$