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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
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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