- A sum under compound interest interest being
compounded annually amounts to P6000 in two years
and 7200 in three years. Find the rate of interest.
(A) 10% p.a.
(B) 20% p.a.
(C) 18% p.a.
(D) 15% p.a.
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Step-by-step explanation:
1 st year
Principal, P=Rs.5000
Time, T=1 year
Rate of interest ,R=6%
∴simple Interest, SI=
100PTR = 100
5000×10×6 =Rs.300
∴Amount=P+SI=Rs.5300
2nd year
Principal = Amount of 1st year=Rs.5300
Rate of interest =8%
Time =1 year
∴ Interest = 100
5300×1×8
=Rs.424
∴ Amount =Rs.(5300+424)=Rs.5724
The interest of 2nd year is the required compound interest. So, C.I=rs.424 and the required amount is Rs.5724
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