A certain sum, at compound interest, becomes ₹ 7,396 in 2 years and ₹ 7,950.70 in 3 years. Find the rate of interest.
Compound Interest
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Question

A certain sum, at compound interest, becomes ₹ 7,396 in 2 years and ₹ 7,950.70 in 3 years. Find the rate of interest.

KnowledgeBoat · Accepted Answer

Let the rate of interest be R %. Amount for 2 years = ₹ 7,396 Amount for 3 years = ₹ 7,950.70 Interest for 3rd year = Amount for third year - Amount for second year = ₹ 7,950.70 - ₹ 7,396 = ₹ 554.70 For the third year: P = ₹ 7,396, R = R %, T = 1 year, I = ₹ 554.70 Hence, the rate of interest = 7.5 %.

Mathematics

A certain sum, at compound interest, becomes ₹ 7,396 in 2 years and ₹ 7,950.70 in 3 years. Find the rate of interest.

Compound Interest

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