A sum of money amounts to rs 2520 in 2 years when lent out on compound interest.The same sum of money amounts to rs 2646 when lent out for 3 years on simple interest.Find the rate of interest.
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Answered by
36
Interest is 2646-2520= ₹126 on next one year.
In one year CI and SI are same.
So, I=PRT/100
126=2520×R×1/100
R= 5%
HOPE... YOU GET IT..
In one year CI and SI are same.
So, I=PRT/100
126=2520×R×1/100
R= 5%
HOPE... YOU GET IT..
Answered by
3
Answer:
Interest earned in 1 year on sum 2520 is = 2646 2520 - = RS 126
Using simple interest formula SI 126= PNR 100 2520 x 1 x R 100 =
R = 5%
Rate of interest is 5%
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