A sum of money becomes Rs. 1600 in 3 years
and Rs. 1700 in 5 years then. What will be the
amount in 4 years at double rate of interest
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Compound interest earns interest on original principal and interest received for previous periods also.
So, Rs 714 - Rs 672 = Rs 42 represents the interest received in third year on a sum of Rs 672.
Rate of interest is 42/672 x 100 = 6.25%
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