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A person invested a sum of moneh in a ba...

A person invested a sum of moneh in a bank under this condition that the bank will offer him compound interest. If the compound interest fo two consecutive years be Rs. 225 and Rs. 238.50 respectively, then find the rate of compound interest per annum.

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The compound interest in second year `=Rs.238.50`
and in the first year `=Rs. 225`
`:.` the interest of Rs. 225 in 1 year `=Rs. (238.50-225)=Rs. 13.50`
`=Rs. 135/10=Rs. 27/2`
Let the rate of interest be r%
`:.225xx(1+r/100)-225=27/2`
`implies225xx(1+r/100-1)=27/2`
`implies225xxr/100=27/2impliesr=(27xx100)/(2xx225)impliesr=6` ltrbgt Hence the required rate of compound interest is 6% per anuum.
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