ICSE Class 9 Answered
A invest a certain sum of money for 3 years at a simple rate of intrest per anum which fetches an intrest of rupees 225 .B invest the sum of money for 2 years at a compound rate of intrest which is equal to the rate at which A invest . B earns rupees 153 by way of intrest .find the sum of money and the common rate of intrest.
Asked by ashokkumarjaiswal0000 | 01 May, 2019, 01:28: PM
Expert Answer
Let P be the principal and r be the rate of interest for A and B.
A invest a certain sum of money for 3 years at a simple rate of intrest per anum which fetches an intrest of rupees 225.
Pnr/100 = 225
3pr/100 = 225
pr = 7500 ....(i)
B invest the sum of money for 2 years at a compound rate of intrest which is equal to the rate at which A invest.
Compound interest = P(1 + r/100)n - P
B earns rupees 153 by way of intrest.
P(1 + r/100)2 - P = 153
P [(1 + r/100)2 - 1] = 153
P(1 + 2r/100 + r2/10000 - 1) = 153
2Pr/100 + Pr × r/10000 = 153
7500/50 + 7500r/10000 = 153 from (i)
Solving we get r = 4%
Using (i) we get P = Rs. 1875
Answered by Sneha shidid | 02 May, 2019, 11:46: AM
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