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a sum of money compounded anuallly amount to rs.2340 in 8 years and 3185 in 10 years . find the annual rate of interest.
Dear student Dear student Compound interest = P(1+r/100)^n Applying the values we get 2340(1+r/100)^2 = 3185 (1+r/100)^2 = 3185/2340(1+r/100)^2 = 49/361+r/100 = 7/6 r/100 = 1/6 r = 100/6 = 16.66%
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