Question

Manish invested a sum of money at CI. It amounted to Rs 2420 in 2 years and Rs 2662 in 3 years. Find the rate percent per annum.

• A. 5%
• B. 10%
• C. 20%
• D. 15%

Answer 1

The correct option is B 10%

Last year interest $=2662-2420=Rs.242$

Difference between SI and CI for $2$ years, Difference $=P{\left[\frac{R}{100}\right]}^2$

$\therefore$Rate $\%=\frac{242\times 100}{2420\times 1}=10\%$