A sum of money lent out at compound interest amounts to Rs. 21533.2 in two years and 22609.86 in three
years. Find the rate of interest.
Answers
Given : A sum of money lent out at compound interest amounts to Rs. 21533.2 in two years and 22609.86 in three years.
To Find : the rate of interest.
Solution:
Let say amount invested = P
Rate of interest = R % per annum
A = P (1 + R/100)ⁿ
amounts to Rs. 21533.2 after 2 years
=> 21533.2 = P (1 + R/100)²
amounts to Rs. 22609.86 after 3 years
=> 22609.86 = P (1 + R/100)³
=> 22609.86 = P (1 + R/100)²(1 + R/100)
=> 22609.86 = 21533.2 (1 + R/100)
=> 1.05 = 1 + R/100
=> 0.05 = R/100
=> R = 5 %
rate of interest. = 5 % per annum
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