Question

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.
​

Answer 1

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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