a sum of money in 2 years at r% S.I. amounts to Rs 8640 and same sum in 2 years amounts to 8652.80 at r % C.I..find the sum of money and the rate percenr..

Dear student,

P is the principal (the initial amount you borrow or deposit)

r is the annual rate of interest (percentage)

n is the number of years the amount is deposited or borrowed for.

A is the amount of money accumulated after n years, including interest.

When the interest is compounded once a year:

A = P(1 + r)n

 

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Sagar Singh

B.Tech, IIT Delhi