Question

A sum of money at compound interest amounts to Rs. 5290 in 2 years and to Rs. 6083.50 in 3 years.
Find the rate of interest

Answer 1

click the above photo to see the solution

Answer 2

Answer:

15%

Step-by-step explanation:

We are given that A sum of money at compound interest amounts to Rs. 5290 in 2 years and to Rs. 6083.50 in 3 years.

Interest in 2 years = Rs. 5290

Interest in 3 years = Rs. 6083.50

Interest in 1 year = Rs. 6083.50- Rs. 5290

                            =Rs.793.5

$R=\frac{I \times 100}{P \times T}$

$R=\frac{793.5 \times 100}{5290  \times 1}$

$R=15\%$

Hence the rate of interest is 15%