If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 28090, and Rs 29775.4 respectively, what is the rate of interest?
A) 6 percent B) 3 percent C) 12 percent D) 10 percent
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6%
Step-by-step explanation:
interest for 1 yr on 28090 = 29775.4 - 28090 = 1685.4
as we know, for 1st yr (C.i = s.i )
1685.4 = 28090 × r × 1/100
r = 6%
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