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A sum of money lent at compound interest amounts to Rs. 1460 in 2 years and to Rs. 1606 in 3 years.The rate of interest per annum is
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- (1) -----> A = P(1 + R/100)^n -----> 1460 = P(1 + R/100)^2
(2) -----> 1606 = P(1 + R/100)^3
(2) / (1) -----> 1606/1460 =1 + R/100 ----> R/100 =(1606/1460)-1 = 146/1460
R/100=1/10 --------------> R=10% - 7 years agoHelpfull: Yes(0) No(0)
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