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Question
Mohan invested a certain sum at compound interest, compounded annually. If the interests for two successive years were Rs 600 and Rs 648, calculate the rate of interest and the sum invested.
Solution
For the second year:
A=Rs 648 ; P=Rs 600 ; n=1 ; r = ?
`therefore "A" = "P" (1 + "r"/100)^"n"`
`⇒ 648 = 600 (1 + "r"/100)^1`
⇒ 648 = 600 + 6r
⇒ 6r = 48
⇒ r = 8
Hence, rate of interest = 8 %
For the first year:
I=Rs 600 ; r=8 % ; n=1 ; P = ?
`"I" =("P" xx "r" xx "n")/100`
Rs 600 = Rs `("P" xx 8 xx 1)/100`
P = Rs `60000/8`
P = Rs 7,500
The sum invested= Rs 7,500.
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