A certain sum of money at compound interest becomes Rs. 7396 in 2 years and Rs. 7950.70 in 3 years. Find the rate of interest.
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Step-by-step explanation:
2 years amount 7396
3 years amount 7950.70
now substract these two we get one year amount
7950.70-7396=554.7
simple interest on rs 7396 in 1 year=554.7
R=SI*100/p*t
=554.7*100/7396*1
=55470/7396
=7.5
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