Question

. The compound interest for the 4th year on a certain
sum is 2000 and the compound interest for the
7th year on the same sum is 2662. If interest is
compounded annually, what is the annual rate of
interest?
(A) 9% (B) 10% (C) 15% (D) 20%​

Answer 1

Answer:

Rate of interest = 10%

Step-by-step explanation:

To find:

Rate of interest

Given that:

4th year compound interest = RS 2000

7th year compound interest = RS 2662

Formula:

$x+y+\frac{x y}{100}$

Solution:

given that 4th year compound interest = RS 2000

                 7th year compound interest = RS 2662

by subtracting both the equation we get,

2662 - 2000 = 662 within 3 years

lets try with 10% and find rate of interest after 3 years

= $10+10+\frac{10X 10}{100}$

= 10+10+1

= 21

= $21+10+\frac{21X10}{100}$

= 21+10+2.1

= 33.1

662 is exactly divisible by 33.1

so that the answer = 10%

To solve more:

1.If the 6-digit numbers x 35624 and 1257y4 are divisible by 11 and 72, respectively, then what is the value of (5x-2y)?

https://brainly.in/question/16107635

2.Which of the following options have the same value as 60, percent of 94

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Answer 2

Given :

• The compound interest for the 4th year on a certain sum is 2000 and the compound interest for the 7th year on the same sum is 2662. If interest is compounded annually.

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Find :

• What is the annual rate of interest?

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Calculations :

= 2662 - 2000

= 662 -----(1)

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= 10 + 10 + 1

= 21 + 10 + {(21 × 10)/100}

= 33.1 -----(2)

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Substituting equation (1) and (2), we get:

= 662/33.1

= 20℅

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Therefore ,

• 20℅ is the annual rate of interest.