INVESTMENT OF RS 75000,TIME IS 3 YEARS,INTEREST PAID FOR FIRST YEAR IS 214 FOR SECOND YEAR 198 AND FOR THIRD YEAR IS 203 FIND OUT THE PERCENTAGE OF RATE PAID EVERY YEAR

Question

25000 IS PROVIDED EACH YEAR 

 

Answer 1

If Rs25000 is invested each year, the interest for year 1 is Rs214=25000*r/100, so r%=21400/25000=0.856%; year 2, 198=25000*r/100, r%=19800/25000=0.792% and year 3, r%=20300/25000=0.812%.