Question

A certain sum amounts to Rs. 1008 in 2 years, Rs. 1112 in 3 years. Find the rate.
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Answer 1

Step-by-step explanation:

we have,

P=Rs.1008

A=Rs.1112

T=3-2 year

=1 year

we know,

I=A-P

=1112-1008

=Rs.104

Then,

I=

P*T*R

------------

100

or, 104=1008*1*R

----------------

100

or,104*100=1008*R

or,R=104*100

------------

1008

•

• • R=10.32%

hence,

the rate of interest is10.32%