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Question
A sum is invested at compound interest, compounded yearly. If the interest for two successive years is Rs. 5,700 and Rs. 7,410. calculate the rate of interest.
Solution
Rate of interest = `["Difference in the interest of the two consecutive periods" xx 100]/["C.I. of preceeding year" xx "Time"]" %`
= `[( 7410 - 5700 ) xx 100]/[5700 xx 1] %`
= 30%
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