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    Question

    A sum of money invested at a certain rate of compound

    interest per annum amounts to ₹86,800 in 2 years and to ₹95,4800 in 3 years. Find the rate of compound interest per annum.
    A 15% Correct Answer Incorrect Answer
    B 25% Correct Answer Incorrect Answer
    C 10% Correct Answer Incorrect Answer
    D 33% Correct Answer Incorrect Answer

    Solution

    Rate of interest per annum = {Amount of (n + 1) year/Amount of (n) year} × 100 - 100 = (95480/8680) × 100 - 100 = (11/10) × 100 - 100 = 10   The rate of interest per annum is 10%.

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