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The difference of compound interest and simple interest for 3 years and for 2 years are in ratio 23 : 7 respectively. What is rate of interest per annum (in %)?1). 200/72). 100/73). 300/74). 400/7 |
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Answer» <P>⇒ (CI – SI)3/(CI – SI)2 = [P(R/100)2 × (300 + R)/100]/ P(R/100)2 = 23/7 ⇒ (CI – SI)3/(CI – SI)2 = (300 + R)/100 = 23/7 ⇒ (CI – SI)3/(CI – SI)2 = 2100 + 7R = 2300 ⇒ 7R = 200 ∴ R = 200/7 |
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