Question

the compound interest on a certain amount for 3 years is rupees 488 and 4years is rupees 738 find the rate of interest​

Answer 1

r is coming 51.2

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Answer 2

Given :-

• CI for 3 Year = 488.
• CI for 4 Year = 738.

Concept Used :-

• In compund Interest we gets interest on Interest as per Rate according to SI per Year.

Solution :-

Given that, CI for 3 Year is Rs.488 & after 1 year we get CI as Rs.738.

So, we can conclude That in 1 Year from 3rd year to 4th year we get an interest of Their CI difference .

Hence,

→ interest Received = 738 - 488 = Rs.250

→ Principal in This case = CI of Third Year.

→ Time = 1 Year.

→ Rate = (SI * 100) / (P * T)

Putting values we get :-

→ Required Rate % = ( 250 * 100) / (488 * 1)

→ Rate % ≈ 51.22% .

Hence, Rate of interest was 51.22% (Approx).