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Question
On a certain sum of money, lent out at C.I., interests for first, second and third years are Rs. 1,500; Rs. 1,725 and Rs. 2,070 respectively. Find the rate of interest for the (i) second year (ii) third year.
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Solution
Total interest obtained in the first year = Rs, 1500
lnterest for the second year - Total interest obtained in the first year
= Rs. 1725 - Rs. 1500
= Rs. 225
Rate of interest for the second year = `225/1500` x 100 = 15%
Interest for the third year - Interest for the second year
= Rs. 2,070 - Rs. 1,725
= Rs. 345
Rate of interest for the third year
= `345/[1,725]` x 100 = 20%
So, rate of interest for the second year and third year are 15% and 20% respectively.
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