A sum of money invested at compound interest amounts to Rs. 2,420 in 2 years and Rs. 2,662 in 3 years. Find the rate of interest per annum.
A8%
B9%
C10%
D12%
Explanation
Interest earned in 3rd year = 2662 – 2420 = Rs. 242. Rate R = (242 / 2420) * 100 = 10%.
Exam Relevance
- Topic: Interest
- Subtopic: Compound Interest
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