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      Question

      A sum is invested at a certain rate (p.a.) of compound

      interest (compounded annually). The interest earned after 1st year and after 2 years of investment is Rs. 3,000 and Rs. 3,420. Find the rate of interest per annum.
      A 25% Correct Answer Incorrect Answer
      B 14% Correct Answer Incorrect Answer
      C 15% Correct Answer Incorrect Answer
      D 20% Correct Answer Incorrect Answer

      Solution

      ATQ,

      Interest received in 2nd year = 3420 - 3000 = Rs. 420, which is equal to

      interest earned on Rs. 3,000.

      Rate of interest = (420/3000) ├Ч 100 = 14%

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