Question

Rajan invested a certain amount in a bank at a compound interest that grows upto Rs 60000 in 20 years and Rs 62550 in 21 years Determine the rate of interest of the bank​

Answer 1

.the amount of CI and SI are

equal for 1 year

Int.for lyr=62550-60000=2550

R = 100xl/PxN

= 100x2550 / 60000 x 1 = 4.25%