Question
A sum of money amounts to Rs 1024 in 4 years and Rs 1458
in 7 years at a compound rate of interest. What is the rate of interest per annum?Solution
For 3 years, taking cube rootsFor 3 years, taking cube roots = â512 = 8 = â729 = 9 Rate of interest = (difference of amount)/(first amount)× 100 = (9 - 8)/8 × 100 = 12.5% per annum
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