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ICSE Class 8 Answered

A certain sum sf money amount to rs 7028 in 3 years and rs 8456 in 5 years .findia the sum and the re rate of interest
Asked by malcolmpreminger | 01 Feb, 2019, 05:08: PM
answered-by-expert Expert Answer
Let p is principle amount and r% is rate of interest
 
Then    p[ 1 +(r/100) ]3 = 7028  .......(1)
 
p[ 1 +(r/100) ]5 = 8456  .....................(2)
 
By dividing (2) by (1),   [ 1 +(r/100) ]2 = (8456/7028) = 1.203
 
hence  [ 1 +(r/100) ] = begin mathsize 12px style square root of 1.203 end root space almost equal to space 1.097 end style
hence r = 9.7 %
 
By substituting r in eqn.(1), we get p = Rs. 5324
Answered by Thiyagarajan K | 01 Feb, 2019, 05:33: PM

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