Q:
A certain sum amounts to Rs.7350 in 2 years and to Rs.8575 in 3 years.find the sum and rate percent
Answer & Explanation
Answer: C) 5400
Explanation: Interest for 1 year is the same whether it's simple interest or the compound interest.
Now interest of third year = 8575 - 7350 = 1225; means principal for this interest is 7350 if comound interest is takenIf 7350 is the principal interest = 1225
if 100 is the principal interest =(1225/7350) * 100 = 50/3 %
When a thing increases for two successive times the overall increase on initial amount = a + b + (a * b)/100
Therefore overall interest for two years = 50/3 + 50/3 + [(50/3)*(50/3)]/100 = 325/9 %
Therefore amount after 2 years = 100 + 325/9 = 1225/9
If 1225/9 is the amount principal =100
if 7350 is the amount principal =(900/1225)*7350 =5400
So sum = 5400; Rate = 50/3 %
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