Question

A sum of money amount to rs. 4624 in two years and rs.4913 in three years at compound intrest compounded annually. Find the sum.

Answer 1

4913=4624(1+r/100)=4914/4623=(100+r)/100=491300/4624=100+r=106.25=100+r=r=106.25-100=r=6.25;