Question

 A certain sum amounts to Rs. 57600 in 2 years and Rs. 61056 in 3 years compounded annually. Find the rate of interest.​

Answer 1

Answer: 6 %

Step-by-step explanation:

$57600 = P(1 + R/100)^{2}$ ...........(1)

$61056 = P(1 + R/100)^{3}$ .............(2)

Divide equations (1) and (2)

$(1 + R/100) = 61056/57600$

$R/100 = 3456/57600$

So, R = 6%

Here, P is Principal or Sum, R is the rate and compounded annually.