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Question
What sum will amount to Rs.10120 in 2 years at C.I. payable annually, if the rates are 10% and 15% for the successive years?
Solution
For 1st year : P = Rs.100, R = 10% and T = 1 year
Interest = Rs.`(100 xx 10 xx 1)/(100)`
= Rs.10
Amount
= Rs.100 + Rs.10
= Rs.110
For 2nd year : P = Rs.110, R = 15% and T = 1 year
Interest = Rs.`(100 xx 15 xx 1)/(100)`
= Rs.16.50
Amount
= Rs.110 + Rs.16.50
= Rs.126.50
When amount is Rs.126.50, Principal is Rs.100.
Hence, when amount is Rs.10120,
Principal = Rs.`(10120 xx 100)/(126.50)`
= Rs.8000.
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