Question
Download Solution PDFThe ratio of difference between CI and SI at r% for three years and 2 years is 25:8. Find the compound interest for Rs. 3200 2 years at [r + 7.5] % for 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFCalculation
The difference between CI and SI for 2 years at rate r% on principal P:
CI - SI (2 years) = [P × r2 / 1002]
For 3 years:
CI - SI (3 years) = [P × r2 / 1002] × [(300 + r) / 100]
Take ratio:
[ CI - SI for 3 years]/[CI - SI for 2 years] = 25/8
[(300 + r) / 100] = 25/8
So, 2400 + 8r = 2500
So, ⇒ r = 100 / 8 = 12.5%
Now rate of interest is 12.5 + 7.5 = 20%
Successive CI for 2 years at 20% per annum is 44%
So, required interest amount is 3200 × 44 /100 = 1408
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