Question 93

If the amount received at the end of 2nd and 3rd year at compound interest on a certain Principal is Rs 30250, and Rs 33275 respectively, what is the rate of interest?

Solution

Compound interest at the end of 2nd year = Rs. 30,250

Compound interest at the end of 3rd year = Rs. 33,275

=> Difference = 33275 - 30250 = Rs. 3025

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

$$\therefore$$ Rate of interest, $$r = \frac{3025}{30250} \times 100 = 10 \%$$

=> Ans - (A)

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