A sum of money amounts to Rs. 10648 in 3years and Rs. 9680 in 2 years. The rate of interest is_________?

Compound Interest 24/09/2020

A. 5 %
B. 10 %
C. 15 %
D. 20 %

Explanation:

P be the principle and R % Per annum be the rate.

P(1 + R/100) 3 = 10648 – (i)
P(1 + R/100) 2 = 9680 – (ii)
By dividing (i) and (ii)
(1 +R/100) = 10648/9680 Or
R/100 = 968/9680 = 1/10 or
R = 10 %

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