Question

On lending a certain sum of money on C.I. one gets Rs.9050 in 2 years and Rs.9500 in 3 years. What is the rate of interest?​

Answer 1

Answer:

14250

Step-by-step explanation:

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Answer 2

Concept-

Compound interest is the interest you earn from the interest. This can be illustrated using basic math: if you have $100 and it earns 5% interest every year, you will have $105 at the end of the first year. At the end of  second year, you will have $110.25.

Given-

Amount after two years will be Rs. 9050 and amount after three years will be Rs. 9500.

Find-

Find the rate of interest.

Solution-

Amount after 2 years = Rs. 9050

Amount after 3 years = Rs. 9500

Interest on one year (i) = 9500 - 9050 = Rs. 450

time = 1 year

Formula : r = i × 100 / p × t

r = 450 × 100 / 9050 ×1

r = 4500 / 9050

r = 5%

Therefore, the rate of interest is 5%.

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