Question

A sum of money amounts to Rs 250 in 4 years and Rs 432 in 7 years at a compound rate of interest. What is the rate of interest per annum?

A 10%p.a Correct Answer Incorrect Answer
B 15%p.a Correct Answer Incorrect Answer
C 25%p.a Correct Answer Incorrect Answer
D 20%p.a Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Rate of interest = (difference of amount)/(first amount)× 100 = (6 -  5)/5 × 100 = 20% per annum

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