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Question

A sum of ₹2000 amounts to ₹2662 in 3 years. The rate of compound interest per annum is________.
  1. 10


Solution

The correct option is A 10
Given that A =  ₹ 2662 , P = ₹ 2000 and n = 3 years

Let the Rate of Interest be r 

A=P ( 1+r100)n
  
2662=2000(1+r100)3

13311000=(1+r100)3

(1110)3=(1+r100)3
(1110)=(1+r100)
(1110) = ( 100+r100)
110=100+r
r=10%

 

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