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Question
Meera borrowed Rs 12,500 on compound interest from Rajeev for 2 years when the rates of interest for successive years were 8% and 10%. If Meera returned Rs 7,500 at the end of the first year, find the amount she has to return at the end of the second year.
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Solution
P = Rs. 12,500, R = 8 °/o p.a.
Interest for first year
= `("Rs" 12500 xx 8 xx 1)/100`
= Rs 1,000
Amount due after 1st year =Rs. 12,500 +Rs. 1,000 =Rs 13,500
Amount paid after 1st year= Rs. 7,500
Balance amount= Rs. 13,500 - Rs. 7,500 =Rs. 6,000
Interest for second year when r = 10°/o p.a.
`=( "Rs" 6000 xx 10 xx 1)/100`
= Rs 600
Amount due after 2nd year
= Rs. 6,000 + Rs. 600 =Rs 6.600
Meera has to return Rs 6,600 to Rajeev at the end of second year
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