CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

A sum of money, invested at compound interest, amounts to Rs. 16,500 in 1 year and to Rs. 19,965 in 3 years.

Find the rate per cent and the original sum of money invested.

Open in App
Solution

Amount(1) = 16500
Amount(3)= 19965.
Formula-
Amount(1) = P(1+r100)n
n= no. of years
16500=P(1+r100)1

19965=P(1+r100)3

On dividing them we have
1996516500=P(1+r100)3P(1+r100)1
[P gets cancelled]

1996516500=(1+r100)2

121100=(1+r100)2

1110=1+r100

111010=r100

110×100=r

R= 10%

Therefore, original sum = 15000


flag
Suggest Corrections
thumbs-up
4
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
When the Interest is Compounded Half-Yearly
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon