A man invests ₹ 6,000 at a certain rate of interest, compounded annually. At the end of one year, it amounts to ₹ 6,600. What is the rate of interest per annum?

$12$

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$10$

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$8$

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$9$

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Solution

The correct option is B
$10$

The amount is compounded annually and since we are finding it for one year, compound interest is the same as simple interest.
Amount = Principal + Interest
Interest = 6600 - 6000 = 600
Interest for one year $= \frac{P R T}{100} = 600$

Substituting P = 6000 , T = 1 year we get

$R = \frac{100 \times 600}{6000 \times 1} = 10 %$

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