A sum of money amonut to rs 6000 in 5years and to rs 8000 in 10 years at a compound interest at a certain rate per anuum
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P(1+R/100)^5 = 6000.....(1)
Also, P(1+R/100)^10=8000.....(2)
Dividing equation (2) by (1) we get,
(1+R/100)^5 = 4/3
=> 1 + R/100 = 4/3^1/5
=>R =( 4/3^1/5 *100 - 100) %
Also, P(1+R/100)^10=8000.....(2)
Dividing equation (2) by (1) we get,
(1+R/100)^5 = 4/3
=> 1 + R/100 = 4/3^1/5
=>R =( 4/3^1/5 *100 - 100) %
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