Compound Interest Practice Test 5

Question : 28 of 40

Marks: +1, -0

If a certain sum of money placed at compound interest amounts to Rs. 960 in 3 years and toRs. 1000 in 4 years, find the rate of compound interest.

Solution:

Here, simple interest of Rs. 960 for 1 year = 1000 – 960 = Rs. 40
Hence, Rate

={40×100}/{960×1}

=25/6=4 1/6%

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