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The difference between 2 years and 3 years is another addition of the interest.

7396 × (1 + rate/100) = 7950.7

→ rate = (7950.7/7396 - 1) × 100

= 7.5 % compounded per year.

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Q: What is the rate of interest if a certain sum of money at compound interest becomes Rs. 7396 in two years and Rs 7950.7 in three years. find the rate of interest?
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