Question

2. A sum of money becomes Rs. 1600 in 3 years
and Rs. 1700 in 5 years then. What will be the
amount in 4 years at double rate of interest​

Answer 1

Answer:

Compound interest earns interest on original principal and interest received for previous periods also.

So, Rs 714 - Rs 672 = Rs 42 represents the interest received in third year on a sum of Rs 672.

Rate of interest is 42/672 x 100 = 6.25%

Step-by-step explanation:

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