A sum of money amounts to 720 in 2 years and 783 in 3 years the rate of interest is
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SIMPLE INTERST hai ya COMPOUND INTERST
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Amt2= 720
Amt3=783
Interest for 1 year= 783-720 = ₹63
Let P=720, A=783
since, A=P[1+r/100]^n
783=720[1+r/100]^1
=> 783=720([100+r)/100]
=> 783/720= (100+r)/100
=> 783*100/720 = 100+r
=> 108.75 - 100 = r
=> r= 8.75 = 9
Hence, rate of interest = 9%
Amt3=783
Interest for 1 year= 783-720 = ₹63
Let P=720, A=783
since, A=P[1+r/100]^n
783=720[1+r/100]^1
=> 783=720([100+r)/100]
=> 783/720= (100+r)/100
=> 783*100/720 = 100+r
=> 108.75 - 100 = r
=> r= 8.75 = 9
Hence, rate of interest = 9%
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