Find the rate of interest per annum :

A sum of money put out at compound interest amounts to 16900 in 2 years and to Rs. 17576 in 3 years. Find the rate of interest per annum.

  1. 4%
  2. 5%
  3. 10%
  4. 6%
Anurag Mishra Professor Asked on 23rd January 2016 in Maths.
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1 Answer(s)

Answer:  (1) 4%

Explanation:-
The amount in 2 years = Rs. 16, 900
And, the amount in 3 years = Rs. 17, 576

Compound Interest in a year = 17, 576 – 16, 900
 =Rs. 676

Then,  676 = 16, 900 x R/100
 676 = 169 R
R = 676/169
X = 4 % 

Then, the rate of interest per annum is 4 %. 

Hence, the correct answer is option (1) 4%. 

Anurag Mishra Professor Answered on 23rd January 2016.
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