If the amount received at the end of 2nd and 3rd year at compound interest on a certain Principal is Rs 30250, and Rs 33275 respectively, what is the rate of interest?
A) 10 percent B) 5 percent C) 20 percent D) 16 percent
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Amountafter 3-years =Rs.28098.56
Amont after 2-years =Rs.25088.00
So interest for Rs. 25088 for 1- year = Rs.(28098.56–25088.00)
= Rs.3010.56
So rate of interest % =(3010.56/25088) x 100
=12% .
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