the compound interest of a sum of money for 1 year and 2 years are rs 450 and rs 945 respectively. find the rate of interest compounded yearly and he sum
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Solving this we get R=10%
ALTERNATE:−
Answered by
1
Answer:
So, Rs 576-480= Rs 96. Now , we can find out the rate of interest by applying the formula of Simple Interest for 1 year. So, Rs 400 is the sum of money which will amount to Rs 480 at the end of first year and Rs 576 at the end of second year in compound interest.
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