current sum of money at compound interest becomes rupees 7396 in 2 years and rupees 7950.70 in 3 years find the rate of interest
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Given principal be Rs x and rate of interest be y%
Given it becomes Rs 7396 in 2 years
a=p(1+r/100)sq
7396=x(1+y/100)sq ----------(1)
It is also given that principal Rs x becomes Rs 7950.70 in 3 years.
7950. 70 = (I+y/100)cube-----------(2)
Divide (2) with (1), we get
7950. 70 / 7396 = (I+y/100)cube / x(1+y/100)sq
∴ y = 7.5
Thus the rate of interest is 7.5%
Step-by-step explanation:
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