Compound interest for a certain amount at 13

Asked by admin @ 29/08/2021 in Accountancy viewed by 952 People

compound interest for a certain amount at 13% pa for 2 years exceeds the interest on the same. amount at 12% pa for 2 years by Rs. 225. The principal amount is: ?

Answered by admin @ 29/08/2021

Answer:

Let the sum of money be

′

T=2 years

C.I=2700. , Rate=R

A=P(1+

100

)

⇒

(x+2700)=x(1+

100

)

⟶(I)

Now,

S.I=2500

⇒2500=

100

x×R×2

⇒

xR=125000

⇒

125000

→(II)

Putting

′

in eq (I)

(

125000

+2700)=

125000

(1+

100

)

⇒(

125000+2700R

125000

(1+

100

)

⇒(125000+2700R)=125000(1+

100

)

⇒1250+27R=1250(1+

100

)

⇒1250+27R=1250(1+2(0.0R)+(0.0R)

)

⇒1250+27R=1250+25R+0.125R

⇒0.125R

−2R=0

⇒R(0.125R−2)=0

⇒R=0 or 0.125R−2=0

But R can't be 0.

∴0.125R−2=0

⇒R=

0.125

=16

∴

R=16

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