Question 8

A certain amount of money at compound interest grows to ₹66,550 in 3 years and ₹73,205 in 4 years. The rate percent per annum is :

Solution

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From 3 years to 4 years, the interest earned is 73205-66550 = ₹ 6,655

Assuming Rate of Interest = r%

Principal = 66,550

For 1 year from 3rd to 4th year, the amount becomes = ₹ 73,205

So, Interest = PRT/100

6655 = 66500*r*1/100

r = 10%

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