UPSC Exam > UPSC Questions > A sum of money amounts to 6200 in 2 years and...
Start Learning for Free
A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are?
Most Upvoted Answer
A sum of money amounts to 6200 in 2 years and 3 years . the principal ...
Understanding the Problem
To find the principal and the rate of interest, we first note the amounts given for two different periods.
Given Information
- Amount after 2 years = 6200
- Amount after 3 years = 6200
This indicates that the interest earned in the third year is zero, implying the interest is calculated on the principal.
Calculating the Principal
- Let the principal be P.
- Let the rate of interest be R%.
Using the formula for compound interest, we express the amounts:
- For 2 years:
Amount = P(1 + R/100)^2 = 6200
- For 3 years:
Amount = P(1 + R/100)^3 = 6200
Since both amounts equal 6200, we can set up the equations:
Setting Up the Equations
- P(1 + R/100)^2 = P(1 + R/100)^3
This simplifies to:
- (1 + R/100)^2 = (1 + R/100)^3
Solving for R
- This implies:
(1 + R/100) = 1 (since we can divide by (1 + R/100)^2, assuming R is not zero).
Thus, R must be 0%.
Finding the Principal
- If R = 0%, then the principal (P) equals the amount, hence:
P = 6200.
Conclusion
- Principal = 6200
- Rate of Interest = 0%
This means that the money did not earn any interest over the two years.
To find the principal and the rate of interest, we first note the amounts given for two different periods.
Given Information
- Amount after 2 years = 6200
- Amount after 3 years = 6200
This indicates that the interest earned in the third year is zero, implying the interest is calculated on the principal.
Calculating the Principal
- Let the principal be P.
- Let the rate of interest be R%.
Using the formula for compound interest, we express the amounts:
- For 2 years:
Amount = P(1 + R/100)^2 = 6200
- For 3 years:
Amount = P(1 + R/100)^3 = 6200
Since both amounts equal 6200, we can set up the equations:
Setting Up the Equations
- P(1 + R/100)^2 = P(1 + R/100)^3
This simplifies to:
- (1 + R/100)^2 = (1 + R/100)^3
Solving for R
- This implies:
(1 + R/100) = 1 (since we can divide by (1 + R/100)^2, assuming R is not zero).
Thus, R must be 0%.
Finding the Principal
- If R = 0%, then the principal (P) equals the amount, hence:
P = 6200.
Conclusion
- Principal = 6200
- Rate of Interest = 0%
This means that the money did not earn any interest over the two years.
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Top Courses for UPSCView all
A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are?
Question Description
A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are?.
A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are?.
Solutions for A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? defined & explained in the simplest way possible. Besides giving the explanation of
A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are?, a detailed solution for A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? has been provided alongside types of A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? theory, EduRev gives you an
ample number of questions to practice A sum of money amounts to 6200 in 2 years and 3 years . the principal and the rate of interest are? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup