Question

An amount of money grows up to Rs. 4840 in 2 years and upto Rs.5324 in 3 years on C.I. Find the rate percent

Answer 1

Answer:

P = (4840)²/5324 = 4400

Successive rate = 440*100/4400 = 10%

Answer 2

The rate percent is 10%.

Step-by-step explanation:

Since we have given that

Amount in 2 years = Rs. 4840

Amount in 3 years = Rs. 5324

So, Using the "compound interest formula", we get that

$\dfrac{5324}{4840}=\dfrac{(P(1+\dfrac{r}{100})^3}{P(1+\dfrac{r}{100})^2}\\\\1.1=1+\dfrac{r}{100}\\\\1.1-1=\dfrac{r}{100}\\\\0.1=\dfrac{r}{100}\\\\0.1\times 100=r\\\\r=10\%$

Hence, the rate percent is 10%.

# learn more:

A certain sum of money amounts to Rs.4840 at the end of 2 years and

Rs.5324 at the end of 3 years. Find the rate of .compound interest and the principal.

https://brainly.in/question/13810128