Awesome become rupees 33800 into years and rupees 43940 in 3 years when length in a scheme of compound interest if double the scheme is invested for 2 years then what will be the amount obtained at the end of 2 years
Answer (1)
18th Dec, 2024
Hello,
To solve the compound interest problem, we first need to determine the interest rate.
Given:
- Amount after 1 year = INR 33,800
- Amount after 3 years = INR 43,940
Using the compound interest formula:
A=P(1+r/100)^nWe have two equations:
- P(1+r/100)=33,800
- P(1+r/100)^3=43,940
Dividing the second by the first gives:
(1+r/100)^2=43,940/33,800=1.3Taking the square root, we find r=14%
Next, for double the principal, the amount after 2 years is:
A=2P(1+14/100)^2=2P×1.2996Substituting P=INR 29,652P (Approx), the amount after 2 years is approximately INR 77,030 .
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