Question

The compound interest for 2 and 3 years on certain principal at certain rate of interest are ₹8820 and ₹ 9261 respectively. find the rate of interest and principal.​

Answer 1

Here is your answer

Let Sum = P

Rate of interest = R%

T =2 and 3 years

A = 8820 and 9261

As we know that the formula

A = P(1+ R/100)^t

Hence

Principal = Rs 8,000

Rate of interest = 5%