Question

The amount at compound interest which is calculated yearly on a certain sum of money is Rs.1250 in one year and Rakhi. 1375 in two years. Calculate the rate of interest

Answer 1

Given : The amount at compound interest which is calculated yearly on a certain sum of money is Rs.1250 in one year   1375 in two years

To find :  Calculate the rate of interest

Solution:

Amount after 1  year = 1250   Rs

Amount after 2 years  = 1375  Rs

Hence interest in 2nd year = 1375 - 1250  = Rs 125

2nd year interest would be on amount Rs 1250

Interest =  1250 * R  * 1 /100  = 125

=> R = 10

Rate of interest = 10 %

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