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Question
The interests on two successive years for a sum invested at compound interest compounded annually are Rs 840 and Rs 940.80. Calculate the rate of interest and the sum invested.
Solution
For the seoond year:
A=Rs 940.80 ; P=Rs 840 ; n= 1 ; r = ?
`"A" = "P" (1 + "r"/100)^"n"`
940.80 = 840 `(1 + "r"/100)^1`
94080 = 84000 +840 r
840 r = 10080
r = 12
Hence, rate of interest = 12°/o
For the first year:
I= Rs 840 ; r = 12 % ; n = l ; P = ?
`"I" =("P" xx "r" xx "n")/100`
Rs 840 = Rs `("P" xx 12 xx 1)/100`
P = Rs`84000/12`
P = Rs 7000
The sum invested= Rs 7,000
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