A sum is invested as compound interest compounded yearly. if the intrest for two successive years be Rs. 5700 and Rs. 7410. calculate rate of intrest.
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Given :
some amount is invested at compound interest compounded yearly.
Interest for two successive years be Rs. 5700 and 7410.
To find :
The rate of interest
Step-by-step explanation:
Interest on first year = 5700
Interest till second year = 7410
compounding period = yearly
We will use the formula to calculate the rate of interest :
Rate='Difference between CI of two years' x 100 / 'CI of preciding year' x time
Rate=(7401-5700) x 100 / 5700 x 1
Rate=1710 x 100 / 5700 x 1
Rate=30%
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