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Q: What is the interest rate per annum, if a sum of money invested at compound interest amount to Rs. 2400 in 3 years and in 4 years to Rs. 2,520?

  • 1
    3.5%
  • 2
    4%
  • 3
    5%
  • 4
    6.5%
  • Show Answer
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Answer : 3. "5%"
Explanation :

Answer: C) 5% Explanation: Let 'R%' be the rate of interest From the given data, 25202400 = 1 + R10041 + R1003⇒1 + R100 = 6360⇒R = 5   Hence, the rate of interest R = 5% per annum.

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