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Discussion :: Compound Interest

  1. On lending a certain sum of money on C.I. one gets Rs.9050 in 2 years and Rs.9500 in 3 years. What is the rate of interest?

    2. A.
    5%
    B.
    4.5%
    C.
    5.5 %
    D.
    6%

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    Answer : Option A

    Explanation :

    Amount after 3 years = Rs. 9500

    Amount after 2 years = Rs. 9050

    Interest of one year= 9500 - 9050 = 450

    t = 1 year

    Solution 2: Quicker Method

    Apply formula; Rate of interest(r):

    Y= Rs. 9500

    X = 9050

    Apti Compound interest33

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