If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs.29160, and Rs 31492.8 respectively, what is the rate of interest?

Given, amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs.29160 and Rs 31492.8 respectively

Let the rate of interest be R%

$$=$$>  Interest on  Rs.29160 at R% rate of interest for one year is Rs.31492.8

$$=$$>  $$31492.8-29160=21960\times1\times\frac{\ R}{100}$$

$$=$$>  $$R=\frac{2332.8\ }{29160}\times100$$

$$=$$>   $$R=8$$

Hence, Option B is correct answer