The compound interest on a sum for the third year is RS.2420, interest being compounded annually. The interest on it for the fourth year is RS. 2662. Find the rate of interest.
[Answer: 10% p.a; Please provide the detailed explanation]
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compound interest is calculated by multiplying the initial principal amount for oneplus in the annual interest rate raised to the number of compound periods minus one. The total initial amount of loan is then subtracted from the resulting value
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