Question

A sum of money put out at compound interest amounts in two years to ` 4,500 and in three year` 6,000. Find the rate of interest and the original sum.​

Answer 1

Answer:

years to Rs.2

6%

Difference in amounts =2977.54−2809=Rs.168.54

Rs.168.54 is the interest on Rs.2809 in one year

Rate=

Initial amount

Difference in amounts

×100

Rate=

2809

168.54

×100

Rate=6% (The rate is per annum)