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    Question

    A certain sum of money amounts to ₹12,600 in 2 years

    and ₹14,490 in 3 years at compound interest. Find the rate of interest per annum.
    A 10% Correct Answer Incorrect Answer
    B 12% Correct Answer Incorrect Answer
    C 15% Correct Answer Incorrect Answer
    D 18% Correct Answer Incorrect Answer

    Solution

    Compound Interest formula: A = P(1 + r/100)^t Let the principal be ₹P and the rate be r%. From the given, ₹14,490 / ₹12,600 = (1 + r/100)^(3-2) 14,490 / 12,600 = 1 + r/100 1.15 = 1 + r/100 r = 15% Correct answer: c) 15%

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