Mathematics
On a certain sum of money, let out at C.I., interests for first, second and third years are ₹ 1500; ₹ 1725 and ₹ 2070 respectively. Find the rate of interest for the (i) second year (ii) third year.
Compound Interest
21 Likes
Answer
(i) Interest earned in first year = ₹ 1500
Interest earned in second year = ₹ 1725
Interest earned on ₹ 1500 in second year = Interest earned in second year - Interest earned in first year
= ₹ 1725 - ₹ 1500 = ₹ 225.
Rate of interest for second year
= = 15%.
Hence, interest for the second year = 15%.
(ii) Interest earned in second year = ₹ 1725
Interest earned in third year = ₹ 2070
Interest earned on ₹ 1725 in third year = Interest earned in third year - Interest earned in second year
= ₹ 2070 - ₹ 1725 = ₹ 345.
Rate of interest for second year
= = 20%.
Hence, interest for the third year = 20%.
Answered By
7 Likes
Related Questions
Find the sum on which the difference between the simple interest and the compound interest at the rate of 8% per annum compounded annually be ₹ 64 in 2 years.
A sum of ₹ 13500 is invested at 16% per annum compound interest for 5 years. Calculate :
(i) the interest for the first year.
(ii) the amount at the end of the first year.
(iii) the interest for the second year, correct to the nearest rupee.
Saurabh invests ₹ 48000 for 7 years at 10% per annum compound interest. Calculate :
(i) the interest for the first year.
(ii) the amount at the end of second year.
(iii) the interest for the third year.
Ashok borrowed ₹ 12000 at some rate per cent compound interest. After a year, he paid back ₹ 4000. If compound interest for the second year be ₹ 920, find :
(i) the rate of interest charged
(ii) the amount of debt at the end of the second year.