The compound interest, calculated by yearly, on a certain sum of money for the second year is Rs. 864 and the third year is Rs. 933.12. calculate the rate of interest and the compouned interest on the same sum and at the same rate, for the fourth year.

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R s . 1007.77

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R s . 1000

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R s . 1100

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Solution

The correct option is A $R s . 1007.77$
Rate of interest= $\frac{D i f f e r e n c e i n i n t e r e s t o f t w o c o n s e c u t i v e p e r i o d s \times 100}{C . I o f p r e c e d i n g y e a r \times T i m e} \times 100$
$\Rightarrow \frac{933.12 - 864}{864 \times 1} \times 100$
$\Rightarrow \frac{69.12}{864} \times 100 = 8$ %

C.I for the forth year= $933.12 + 8 % o f 933.12$
$\Rightarrow 933.12 + \frac{8}{100} \times 933.12$
$\Rightarrow 933.12 + 74.65 = R s .1007 .77$

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The compound interest, calculated by yearly, on a certain sum of money for the second year is Rs. 864 and the third year is Rs. 933.12. calculate the rate of interest and the compouned interest on the same sum and at the same rate, for the fourth year.

The correct option is A Rs.1007.77Rate of interest=Differenceininterestoftwoconsecutiveperiods×100C.Iofprecedingyear×Time×100⇒933.12−864864×1×100⇒69.12864×100=8%C.I for the forth year=933.12+8%of933.12⇒933.12+8100×933.12⇒933.12+74.65=Rs.1007.77