The compound interest earned on sum in the 6th year and 7th year are Rs. 1250 and Rs. 1450 repectively. What is the rate of interest per annum (compounded annually)?
The compound interest earned on sum in the 6th year and 7th year are Rs. 1250 and Rs. 1450 repectively. What is the rate of interest per annum (compounded annually)?
CI7 – CI6 = 1450 – 1250
= Rs. 200
Rate of interest = (200/1250*100)
=16% per annum
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