14. The amount at compound interest which is calculated yearly on a certain sum of money is Rs.
4840 in 2 years and Rs. 5324 in 3 years. Calculate the rate and the sum.
Answers
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3
Answer:
Step-by-step explanation:
4840 = P 1 +
r
2 ..... (i)
100
and 5324 = P 1 +
r
3 ..... (ii)
100
On dividing equation (ii) by equation (i), we have,
1 +
r
=
5324
= 1 +
484
100 4840 4840
⇒
r
=
484
100 4840
⇒ r = 10%
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