A sum of money invested at compound intrest amounts to 16500 in 1 year and to 19965 in 3 years . Find the rate per cent and the original sum of money.
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A sum of money invested at compound intrest amounts to 16500 in 1 year and to 19965 in 3 years . Find the rate per cent and the original sum of money.
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Answer:
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Answer:
15000 is the principal and rate is 10 %
Step-by-step explanation:
As we know that interest for one year is same on simple as well as compound interest
so
p= 15000
rate = 10%
first years amount is 15000+ 1500 = 16500
now again 10 % of 16500
= > 16500 + 1650
= 18150
now third years
10 % of 18150 + 18150(principles for third year)
= 19965