If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 34992, and Rs 37791.36 respectively, what is the rate of interest?
Compound interest at the end of 2nd year = Rs. 34,992
Compound interest at the end of 3rd year = Rs. 37,791.36
=> Difference = 37791.36 - 34992 = Rs 2799.36
This is the interest obtained on the amount of 2nd year.
$$\therefore$$ Rate of interest, $$r = \frac{2799.36}{34992} \times 100 = 8 \%$$
=> Ans - (C)
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