A sum is invested at a compound interest, compounded yearly. If the interest for two successive years is ₹5,700 and ₹7,410, calculate the rate of interest.

40%

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10%

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30%

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20%

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Solution

The correct option is C 30%
Rate of interest (%) $= \frac{D i f f e r e n c e i n t h e i n t e r e s t o f t h e t w o c o n s e c u t i v e p e r i o d s \times 100}{C . I . o f p r e c e d i n g y e a r x t i m e}$

$= \frac{[(17410 - 5700) \times 100]}{(5700 \times 1)}$

$= 30$ %
Hence, the rate of interest is 30%

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A sum is invested at a compound interest, compounded yearly. If the interest for two successive years is ₹5,700 and ₹7,410, calculate the rate of interest.

The correct option is C 30%Rate of interest (%) =Differenceintheinterestofthetwoconsecutiveperiods×100C.I.ofprecedingyearxtime =[(17410−5700)×100](5700×1) =30% Hence, the rate of interest is 30%