Question

If the compound interest accured on an amount of rs.15000 in two years is rs 2496.What is the rate of interest p.A

Answer 1

It is difficult to calculate rate of interest using the values given.
You can calculate it by the compound interest formula A=P(1+r/100)^n where A=P+CI.
Next transpose the P to the LHS—A/P=(1+r/100)².
After that find the square root on both sides of the equation.
Simplify and you will get the answer. The answer should be approximately equal to 15.24%.