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A sum of money deposited at C.I. amounts to Rs.2420 in 2 years and to Rs.2662 in 3 years. Find the rate percent?

Correct answer: B. 10%

  • A. 15%
  • B. 10%
  • C. 7 1/2 %
  • D. 8%

Explanation

The amount increases from Rs.2420 after 2 years to Rs.2662 after 3 years, so the one-year growth factor is Rs.2662/Rs.2420 = 1.10. Therefore the compound rate is 1.10 - 1 = 0.10 = 10% per annum. Students may choose 15% by comparing the two amounts incorrectly rather than taking their ratio.

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