Question

The compound interest interest being compounded annually, on a certain sum for the
second and the third year are Rs.2880 and Rs.3398.40 respectively. Find the rate of interest
per annum
a) 18% b) 14% c) 20% d) 16% e) None of these
Rate of interest​

Answer 1

Answer:

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Explanation:

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Answer 2

The answer is - 18%

Explanation:

The Compound interest for second year = Rs. 2880

The compound interest for third year = Rs. 3398.40

The difference between the C.I. is = 3398.40 - 2880

= Rs. 518.4

So by using the second year money as principle

we can calculate the rate of interest.

= (100× interest) /(principal × Time)

= 100 × 518.4 / (2880× 1)

= 18%

so the rate of interest of the given question is 18%

#SP J2