Question

A certain sum of money at compound interest becomes RS 7396 in 2 years and RS7950.70 in 3 years. Find the Rate of Interest.

Answer 1

Given Amount = 7396 and T = 2 years, Amount = 7950.70 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.7950.70 in 3 years

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

7950.70 = a(1+b/100)^3        ------ (2).


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

7950.70/7396= (1+b/100)

1.07500 = 1 + b/100

0.075 = b/100

b = 7.5.

The rate of interest = 7.5%.


Hope this helps!

Answer 2

see answer of that question if it is correct so please mark as brainlist answer