Question

Total compound interest on a certain sum (compounded annually) for 2years is Rs 234 and for 3 years is Rs 381. Find the rate of interest?
(a)12.5%(b)16.66%(c)20%(d)25%

Answer 1

Answer:

b) 16.66 %

Step-by-step explanation:

According to the given question:

The Compound Interest for two years Rs 234

The Compound Interest for three years Rs 381

Therefore, SI on Rs 234  for one year = Rs 381-234

                                                                = Rs 147

Therefore Rate of Interest = SI*100/ P * T

                                             = 147 * 100 / 234 * 4

                                              = 14700/ 936

                                               = 16.66 %