Question

Mani deposited some money in a bank and got an interest of Rs. 560 and Rs. 600 in 3rd and 4th year respectively. What is the rate of interest offered by the bank?
7.14%
5.14%
6.25%
8.33%

Answer 1

Answer:

Step-by-step explanation:

7.14

Answer 2

Solution :-

→ Interest on 3rd year = Rs. 560

→ Interest on 4th year = Rs. 600

So,

→ Interest increased in 1 year = 600 - 560 = Rs. 40 .

then,

→ Rate of interest = (Interest increased * 100) / Interest on 3rd year { Since on compound interest we gets interest on interest . }

→ Rate = (40 * 100)/560

→ Rate = 50/7 ≈ 7.14% (Ans.)

Hence, the rate of interest offered by the bank is equal to 7.14% .

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