What is the compound interest on a sum of
Rs.7200 for 2-5/7
years at 20% p.a. interest
compounded yearly (nearest to an integer)?
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Answer:
Difference between the C.I of two successive years=7410−5700=Rs.1710
Rate of interest=
C.I of preceding year×time
Difference between the C.I of two successive year×100
∴Rate of intereast=
5700×1
1710×100
=30%
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