A certain amount of money at compound interest grows to Rs.66,550 in 3 years and Rs.73,205 in 4 years. The rate percent per annum is:
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e 10%.
| Understanding/Application |
| Difference in the interest in 4 years and 3 years = 73205 - 66550 = Rs. 6655 |
|
Rate percentage = (Difference × 100)/C.I. in 3 years = 665500/66550 = 10% |