Question

The compound interest of a sum of money for 2 years is ₹ 3840 and for 3 years is ₹ 4096. What is the rate of interest?​

Answer 1

Answer:

s.I on Rs 3840 for 1 year is = (4096 — 3840)Rs = 256 Rs

Rate = (100 × 256)/(3840 × 1) = 6.67%

Hope it helps you.

Answer 2

Step-by-step explanation:

$amount \: in \: 2 \: years = rs \: 3840 \\amount \: in \: 3 \: years = rs \: 4096 \\ required \: rate \: of \: interest \: = \\ ( \frac{4096 - 3840}{3840} \times 100)\% \\ ( \frac{256}{3840} \times 100)\% \\ 6.67\% \\ rate \: of \: interest = 6.67\%$