InterviewSolution
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1). 6%2). 5%3). 10%4). 16% |
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Answer» We KNOW the formula for compound interest - $(\Rightarrow {\rm{\;CI}} = \left[ {{\rm{P}}\left\{ {{{\left( {1{\rm{\;}} + {\rm{\;}}\frac{{\rm{R}}}{{100}}} \RIGHT)}^t} - 1} \right\}} \right])$ Where, CI = Compound interest P = Principal R = Rate of interest T = Time period Let the principal be P P(1 + r/100)2 = 2000 P(1 + r/100)3 = 2320 Dividing both the equations (1 + r/100) = 2320/2000 r = ((2320/2000) – 1) × 100 r = 16% |
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