ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the rate when:Principal = Rs 3560, amount = Rs 4521.20 and time = 3 years.
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9%
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10%
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8%
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9.5%
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Explanation:
Detailed explanation-1: -Solution:-Given. :-P = ₹ 3560, amount = ₹ 4521.20, t = 3 years. We know that, SI = A – P = 4521.20 – 3560 = ₹ 961.2 R = (100 × SI) / (P × T) = (100 × 961.20)/ (3560 × 3) = (100 × 96120) / (8250 × 3 ×100) = (32040 /3560) = 9% p.a.
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