in two successive year interest on a certain sum at compound interest payable annually is rupees 350 and rupees 430 find the rate of interest
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Answer:
Simple interest on Rs 400 for 1 year = 420-400= Rs 20
Rate =
PT
100×SI
=
400×1
100×80
=5%
Rs 400 is the intrest on the sum for 1st year
Hence, sum =
RT
100×S.T
=
5×1
100×400
=Rs8000
solution
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