Question

# The sum of money at compound interest amounts to $$Rs. 10580$$ in $$2$$ years and to $$Rs. 12167$$ in $$3$$ years. The rate of interest per annum is

A
12%
B
14%
C
15%
D
1623%

Solution

## The correct option is B $$15\%$$Amount in $$2$$ years =$$Rs.10580$$Amount in $$3$$ years =$$Rs.12167$$Principal of $$3rd$$ year=Amount of $$2nd$$ year=$$Rs.10580$$So, Interest on $$Rs. 10580$$ for $$1$$ year$$= Rs. (12167 - 10580)$$$$= Rs. 1587$$$$\therefore Rate = (\dfrac{100\times Interest}{principal\times time})\%=(\cfrac{100\times 1587}{10580\times1})\% = 15\%$$Mathematics

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