Practicing Success
The compound interest on a certain sum invested for 2 years at 10% per annum is ₹1,522.50, the interest being compounded yearly. The sum is: |
₹7,250 ₹7,200 ₹7,500 ₹7,000 |
₹7,250 |
Rate of compound interest = 10% = \(\frac{1 }{10}\) Principal : Amount For 1st year 10 : 11 For 2nd year 10 : 11 --------------------------------------------------------- 100 : 121 ATQ, Compound interest = ( 121 - 100 )R = 21R 21R = 1522.50 1R = 72.5 Now , Sum is = 100R = 100 × 72.5 = Rs. 7250
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