A fixed sum invested received Rs. 1600in the first year And Rs. 1728 in the 2nd year as compound interest the rate of interest compounded anually?
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Correct option is
A
30%
Difference between the C.I of two successive years=7410−5700=Rs.1710
Rate of interest=
C.I of preceding year×time
Difference between the C.I of two successive year×100
∴Rate of intereast=
5700×1
1710×100
=30%
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