1.

1). 6 percent2). 3 percent3). 12 percent4). 7 percent

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

After 2nd year

⇒ P (1 + R/100)2 = 28090

After 3rd year

⇒ P (1 + R/100)3 = 29775.4

⇒ 1 + R/100 = 29775.4/28090

∴ R = 6%



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