Mathematics
Find the sum invested at 10% compounded annually, on which the interest for the third year, exceeds the interest of the first year by ₹ 252.
Compound Interest
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Answer
Let sum of money be ₹ x.
For first year :
P = ₹ x
R = 10%
T = 1 year
I =
Amount = P + I =
For second year :
P = ₹
R = 10%
T = 1 year
I =
Amount = P + I = .
For third year :
P = ₹
R = 10%
T = 1 year
I = .
Given,
Interest for the third year exceeds the interest of the first year by ₹ 252.
Hence, sum = ₹ 12000.
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