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Question 71
A certain principal is invested in a scheme of compound interest. The amount obtained after 1 year is Rs 2400 and the amount obtained after 2 years is Rs 2880. What is the rate of interest (in percentage)?
Solution
Amount obtained after 1 year = Rs. 2400
Amount obtained after 2 years = Rs. 2880
=> Rate of interest = $$\frac{(2880-2400)}{2400}\times100$$
= $$\frac{480}{24}=20\%$$
=> Ans - (A)
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