Question 85

If the amount received at the end of 2nd and 3rd year as Compound Interest on a certain Principal is Rs 2100, and Rs 2268 respectively, what is the rate (in %) of interest?

Solution

Compound interest at the end of 2nd year = Rs. 2100

Compound interest at the end of 3rd year = Rs. 2268

=> Difference = 2268 - 2100 = Rs. 168

This is the interest obtained on the amount of 2nd year.

$$\therefore$$ Rate of interest, $$r = \frac{168}{2100} \times 100 = 8 \%$$

=> Ans - (B)

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