A sum of money amounts to Rs. 10648 in 3years and Rs. 9680 in 2 years. The rate of interest is_________?
Correct answer: B. 10 %
- A. 5 %
- B. 10 %
- C. 15 %
- D. 20 %
Explanation
The amount grows from Rs.9,680 after 2 years to Rs.10,648 after 3 years, so the one-year factor is Rs.10,648 ÷ Rs.9,680 = 1.10. Hence the compound interest rate is 1.10 - 1 = 0.10 = 10% per annum. The likely wrong choice is 5%, which comes from halving the 10% growth factor incorrectly.
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Percentages express a quantity as parts per hundred and support calculations involving increases, decreases, discounts, commissions, taxes, and successive changes. Questions require distinguishing percentage change from percentage points and identifying the original value when a final value and its percentage change are given.
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