A certain sum of money at compound interest becomes * 7,396 in two years and
7,950.70 in three years. Find the rate of interest.
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Answer:Amount in 3years = Rs 7950.70
Amount in 2 years= Rs 7396.00
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Interest for 3rd year =Rs 554.70
Principal for 3rd year=Rs 7396
Time = 1year
Rate = (Interest *100)/ Principal*Time
= 554.70*100 /7396* 1
= 55470/ 7396 = 7.5%
Let sum of money = x
Amount = Rs 7396
Time = 2 years
then Amount = Principal(1+R/100)^T
7396 = x (1+7.5/100)^2
x =Rs 7396 /(43/40)^2
=Rs 7396 *40*40 /43*43
=Rs 6400
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