A sum of money on compound interest amounts to ₹ 10648

A sum of money on compound interest amounts to ₹ 10648 in 3 years and ₹ 9680 in 2 years. The rate of interest per annum is :

Let the sum be ₹ P and rate of interest be R% per annum.
Here , A₁ = ₹ 10648 , A₂ = ₹ 9680
and t₁ = 3 years , t₂ = 2 years
Using the given formula ,

A = P		1 +	R		ⁿ
			100

Then,

P		1 +	R		²	= 9680 ...(i)
			100

P		1 +	R		³	= 10648 ...(ii)
			100

On dividing equation (ii) by (i)

1 +	R	=	10648
	100		9680

⇒	R	=	10648	− 1
	100		9680

=	10648 − 9680
	9680

⇒	R	=	968	=	1
	100		9680		10

⇒ R =	1	× 100 = 10%
	10