What sum will amount to Rs. 6,593.40 in 2 years at C.I., if the rates are 10 percent and 11 percent for the two successive years?
The amount at the end of the second year = Rs 6593.40. To find Principal P
Let Principal be P ; Rate for first year = 10% , Rate for second year = 11%
Amount at the end of first year = P + SI = P + PTR/100 = P (1 + TR/100)= P(1 + (1x10)/100)
= P(1 + 1/10) = P(1.1)
P for second year = 1.1P
Similarly Amount at the end of second year = P + PTR/100 = 1.1P(1+ (1x11)/100) = 1.1P x 1.11
= 1.221P = Rs 6593.40, P = 6593.40/1.221 = Rs 5400
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