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Calculate the Rate per Cent at Which Rs 12,250 Will Yield Rs 3,116.40 as Compound Interest in 2 Years. - Mathematics

Sum

Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.

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Solution

P = Rs 12,250; A= Rs (12,250+3,116.40) =Rs 15,366.40 ; t = 2 years;  r=? 

`"A" = "P" (1 + "r"/100)^"n"`

Rs 15,366.40 = Rs12250`(1 + "r"/100)^2`

`15366.40/12250 = (1 + "r"/100)^2`

`(196)^2/(175)^2 = (1 + "r"/100)^2`

`196/175 = 1+ "r"/100`

`"r"/100 = 196/175 - 1 = (196 - 175)/175 = 21/175`

r = `2100/175 = 12%`

Hence , r = 12%  

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APPEARS IN

Frank ICSE Class 10 Mathematics Part 2
Chapter 1 Compound Interest
Exercise 1.6 | Q 15 | Page 20
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