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a sum of money amounts to rs. 2520 in 2 years when lent out on compound interest [annually] . the same sum of money amounts to rs. 2646 when  lent out for 3 years on S.I. find the rate of interest

Asked by mkvinvestments6 18th January 2016, 6:48 PM
Answered by Expert
Answer:

Interest space earned space in space 1 space year space on space sum space 2520 space is equals space 2646 space minus space 2520 space equals RS 126  Using space simple space interest space formula SI space equals PNR over 100 126 equals fraction numerator 2520 cross times 1 cross times straight R over denominator 100 end fraction straight R equals 5 percent sign  Rate space of space interest space is space 5 percent sign

Answered by Expert 18th January 2016, 7:04 PM
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