A sum of money amounts to rs 9680 in 2 years and rs 10648 in 3 years. the rate of interest per annum, is
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Hey there!
P(1+R/100)^2=9680>>>equation (1)
Also,
P(1+R/100)^3=10648>>>>equation (2)
Dividing equation (2) by (1)we get,
(1+R/100)=10648/9608
=> 100 + R =( 1331/1201) *100
=>R = 13,000 /1201
=>R = 10.82 %
Hence the rate of interest per annum is 10.28%
Hope this helps :)
P(1+R/100)^2=9680>>>equation (1)
Also,
P(1+R/100)^3=10648>>>>equation (2)
Dividing equation (2) by (1)we get,
(1+R/100)=10648/9608
=> 100 + R =( 1331/1201) *100
=>R = 13,000 /1201
=>R = 10.82 %
Hence the rate of interest per annum is 10.28%
Hope this helps :)
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