Business Studies, asked by Dharmendras6864, 9 months ago

Sum of money lent at compound interest amounts to rs.1460 in 2 years and to rs.1606 in 3 years the rate of these interest per annum is

Answers

Answered by PravinRatta
5

Answer:

Sum of money lent at compound interest amounts to rs.1460 in 2 years and to rs.1606 in 3 years the rate of these interest per annum is 10%

Explanation:

Amount = 1460

Time = 2

Amount = 1606

Time = 3

On putting the formula,

Amount = principle ( 1 + rate/100)^n

(1) => A = P(1 + R/100)^n

=> 1460 = P(1 + R/100)^2

On solving further,

(2) => 1606 = P(1 + R/100)^3

(2) / (1) => 1606/1460 =1 + R/100

On Simplifying,

=> R/100 =(1606/1460)-1 = 146/1460

=> R/100=1/10

=> R=10%

The answer is - rate 10% .

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