Question

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.​

Answer 1

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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