A certain sum amounts to Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the rate of interest if the interest is compounded anually. Hint (Interest on Rs. 7396 is Rs. 7950.70 - Rs. 7396 for 1 year)
Answers
Answered by
18
7950.70=7396(1+R/100)
1.075=(100+R/100)R=7.5
1.075=(100+R/100)R=7.5
Similar questions