Question

A sum of money will amount to Rs. 1344 in 2 year & in 3 year it is to be Rs.1428 in compound interest. Find the rate of interest?

A 6.25% Correct Answer Incorrect Answer
B 12.5% Correct Answer Incorrect Answer
C 5% Correct Answer Incorrect Answer
D 4% Correct Answer Incorrect Answer
E 6% Correct Answer Incorrect Answer

Solution

Rate of interest = (1428 - 1344)/1344 × 100 = 84/1344 × 100 = 6.25%

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