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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%
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B
14%
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C
15%
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D
1623%
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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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