A sum of money, on compound interest, amounts to ₹578.40 in 2 years and to ₹614.55 in 3 years. The rate of interest per annum, in case of annual compounding, is:
\(6 rac{1}{4}\)%
The correct answer is Option 1 i.e. \(6 rac{1}{4}\)%.
A = P(1 + \(R\over100\))T
here, A = Amount, P = Principal, R = Rate, and T = Time
After 2 years:
⇒ A2 = P(1 + \(R\over100\))2 = ₹578.40....(1)
⇒ A3 = P(1 + \(R\over100\))3 = ₹614.55....(2)
समीकरण 2 को 1 से भाग दें
⇒ A3/A2 = P(1 + \(R\over100\))3/P(1 + \(R\over100\))2
⇒ 614.55/578.40 = (1 + \(R\over100\))
⇒ 1.0625 = (1 + \(R\over100\))
⇒ \(R\over100\) = 0.625
⇒ R = 6.25% or \(6 rac{1}{4}\)%
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