Question

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?(PLs I REQUEST you for URGENT ans)?

Answer 1

Sum of two years =₹7396

Sum of 3rd year=₹7950.70p

So interest =sum of 3rd years - sum of 2nd year.(7950.70 - 7396)= 554.70p

so 554.70 is the interest of 1st year.

R= 100*I /P*T

where P= 7396

100*554.70/7396*1=7.5%