1. If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 24200, and Rs 26620 respectively, what is the rate of interest?
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By: anil on 05 May 2019 02.14 am
Compound interest at the end of 2nd year = Rs. 24,200 Compound interest at the end of 3rd year = Rs. 26,620 => Difference = 26620 - 24200 = Rs. 2420 This is the interest obtained on the amount of 2nd year. $$ herefore$$ Rate of interest, $$r = frac{2420}{24200} imes 100 = 10 \%$$ => Ans - (A)
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