Question

i want the answer with solution ​

Answer 1

Rate of Interest is 6.25%  p.a.

1) For the first case, A = 578.40 and T = 2 years

$578.40 = P(1+ \frac{R}{100})^2$

2) From second case, A = 614.55 and T = 3 years

$614.55 = P(1+ \frac{R}{100})^3$

3) Dividing second equation from first gives

$\frac{614.55}{578.40} = 1+ \frac{R}{100}$

1.0625 = 1+ R/100

R/100 = 0.0625

Rate of Interest R = 6.25% p.a.