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Question
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount of the same sum `1 2/5` is invested for years at the same rate of compound interest?
Options
Rs.9025
Rs.9152
Rs.9215
Rs.9251
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Solution
Rs.9152
Explanation:
Let the sum is ₨. p and rate of C.I. is r% then, from, question,
`9680="p"(1+"r"/100)^2` .......(i)
and 10648 = `"p"(1+"r"/100)^3` .............(ii)
from (i) and (ii),`1+"r"/100=10648/9680`
`1+"r"/100=1.1`
⇒ r = 10%
From (i), `"p"(1+10/100)^2=9680`
p(1.21) = 9680
p = ₨. 8000
`"t"=1 2/5` years = 1.4 years
Required Amount`"A"=8000(1+10/100)^1.4`
≈ ₹₨. 9152.
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