The CI for 1st year is Rs. 2592 and that for 3rd year is Rs. 3528. find CI of 4 th year?
Answer (1)
8th Jul, 2020
The formula for CI to be calculated for principal P and at rate R is P((1+(R/100))^T), where T is the time period.
Let the principal be Rs. P and the rate of interest be R % per annum.
Given, P(1+R/100) - P = 2592 and P(1+R/100)^3 - P(1+R/100)^2 = 3528.
We get, PR = 259200 and PR(1+R/100)(1+R/100) = 352800.
Solving the above two equations, we get
R = 50/3 and P = 15552.
CI for 4th year can be calculated by P(1+R/100)(1+R/100)(1+R/100)(R/100).
Solving which we get, CI for 4th Year = Rs. 4116.
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