Question 63
A sum of money becomes Rs. 1,08,000/- after 3 years and becomes Rs. 1,92,000/- after 9 years on same rate of compound interest. Then, that sum of money is (in rupees)
Solution
Let the rate of interest be R and $$1+\frac{R}{100}=m$$
Hence, 108000 = P*$$m^3$$ and 192000 = P*$$m^9$$
Dividing the second by first, we get $$m^6=\frac{16}{9}$$
Hence, $$m^3=\frac{4}{3}$$ , substituting in the first equation, we get P = 81,000
Get AI Help
Create a FREE account and get:
- Download Maths Shortcuts PDF
- Get 300+ previous papers with solutions PDF
- 500+ Online Tests for Free
