A sum of money amounts to 1,210 in 2 years and to 3 1,610.51 in 5 years. Find the principal and the
rate of interest when interest is compounded annually.
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ANSWER
Interest on Rs. 10580 for 1 year
=Rs.(12167−10580)
=Rs.1587
∴Rate=(
10580
100×1587
)% = 15%
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