Interest Q.12

12Some amount becomes Rs 900 in 3 years if calculated on compound interest, and the same amount becomes Rs 1000 in the 4th year. What was the principal amount and rate of interest?

Option : C
Explanation : Hint: First calculate that Rs 900 becomes Rs 1000 in fourth year. Calculate rate of interest by application of simple interest formula. Thereafter principal amount can also be calculated.

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