On compound interest, a certain sum amounts to ₹ 7350 in 2 years and to ₹ 8575 in 3 years. Find the rate of interest.
Answer & explanation
Correct answer: option 2
Sum Amount
7350 8575
294 343
6 7 ( Interest = 1)
Rate, (1 × 100)/6 = $\frac{50}{3}$%
On compound interest, a certain sum amounts to ₹ 7350 in 2 years and to ₹ 8575 in 3 years. Find the rate of interest.
Correct answer: option 2
Sum Amount
7350 8575
294 343
6 7 ( Interest = 1)
Rate, (1 × 100)/6 = $\frac{50}{3}$%