Question

a certain sum amounts to rs7396 in 2 years and rs7950 in 3 years.find the rate of interest of the interest is compounded annually.​

Answer 1

a certain sum amounts to rs7396 in 2 years and rs7950 in 3 years.find the rate of interest of the interest is compounded annually.

Answer 2

Answer:

Given Amount = 7396 and T = 2 years, Amount = 7950 and T = 3 years.

Let the sum be a and the Annual rate of interest be b.

Given Rs.7396 in 2 years.

We know that A = P(1+r/100)^n

7396 = a(1+b/100)^2 ---- (1)

Given Rs.7950 in 3 years

A = P(1+r/100)^n

7950 = a(1+b/100)^3 ------ (2).

On solving (1) and (2), we get

7950/7396= (1+b/100)

1.07490 = 1 + b/100

0.0749 = b/100

b = 7.49

The rate of interest = 7.49%.

(check the ans inthe book before writing)

Hope this helps!