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
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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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