Question 973735: A certain sum of money, invested at compound interest, amounts to Rs. 27,783 in 3 years and Rs.26,460 in 2 years. What is the rate percent of interest?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! A certain sum of money, invested at compound interest, amounts to Rs. 27,783 in 3 years and Rs.26,460 in 2 years. What is the rate percent of interest?
26460= a(1+r)^2.........................................1
27783= a(1+r)^3..........................................2
divide 2 by 1
27783/ 26460= 1+r
r= (27783/26460)-1
=0.05 = 5% (approx)
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