Maths-

General

Easy

Question

# The compound interest, calculated yearly, on a certain sum of money for the second year is Rs1320 and for the third year is Rs1452. Calculate the rate of interest and the original sum of money.

Hint:

### First find the interest and then rate of interest. From that find the principal amount.

## The correct answer is: 12000 Rupees

### Complete step by step solution:

Compound interest for third year = Rs 1452 Rupees

Compound interest for second year = Rs 1320 Rupees

So, difference = 1452 - 1320 = 132 Rupees.

Hence interest for third year = Rs 132 (simple interest and compound interest for 1 year is same)

We calculate simple interest by the formula,…(i)

where P is Principal amount, T is number of years and R is rate of interest

Here, we have SI = 132,P = 1320 ,T = 1 and R = ?

On substituting the known values in (i), we get

Let the principal amount = P

Amount after 1st year - Amount after 2nd year = Rs 1320

Rs

Hence rate of interest is 10% and original money is 12000 Rupees.

Hence rate of interest is 10% and original money is 12000 Rupees.

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