Mathematics
A sum is invested at compound interest compounded yearly. If the interest for two successive years be ₹ 5700 and ₹ 7410, calculate the rate of interest.
Compound Interest
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Answer
Difference between C.I. of two successive years = ₹ 7410 - ₹ 5700 = ₹ 1710
∴ ₹ 1710 is the interest of one year on ₹ 5700.
By formula,
Rate of interest = = 30%.
Hence, the rate of interest = 30%.
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