A sum becomes 33.1% more in 3 years when invested under compound interest interest being compounded annually find the annual rate of interest
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Answer:
Difference between the C.I of two successive years=7410−5700=Rs.1710
Rate of interest=
C.I of preceding year×time
Difference between the C.I of two successive year×100
∴Rate of intereast=
5700×1
1710×100
=30%
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