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