Asked by Chirag
a certain sum amounts to 26460 in 2 years and 27783 in 3 years when compounded annually. calculate the rate of interest and the sum borrowed
Answers
Answered by
mathhelper
p(1+i)^2 = 26460
p(1+i)^3 = 27783
divide the 2nd by the first
1+i = 1.05
i = .05
sub into p(1.05)^2 = 26460
p = 26460/(1.05)^2 = ....
p(1+i)^3 = 27783
divide the 2nd by the first
1+i = 1.05
i = .05
sub into p(1.05)^2 = 26460
p = 26460/(1.05)^2 = ....
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.