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

30 %

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35 %

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29 %

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25 %

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Solution

The correct option is A $30 %$
Difference between the C.I of two successive years= $7410 - 5700 = R s . 1710$

Rate of interest $= \frac{D i f f e r e n c e b e t w e e n t h e C . I o f t w o s u c c e s s i v e y e a r \times 100}{C . I o f p r e c e d i n g y e a r \times t i m e}$

$∴$ Rate of intereast= $\frac{1710 \times 100}{5700 \times 1} = 30$ %

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

The correct option is A 30%Difference between the C.I of two successive years=7410−5700=Rs.1710Rate of interest=Difference between the C.I of two successive year×100C.I of preceding year×time∴Rate of intereast=1710×1005700×1=30%