Mathematics
₹ 300 and ₹ 360 are the compound interest for two consecutive years. The rate of interest is :
1.2%
12%
120%
20%
Compound Interest
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Answer
Difference between C.I. of two successive years = ₹ 360 - ₹ 300 = ₹ 60
∴ ₹ 60 is the interest of one year on ₹ 300.
By formula,
Rate of interest = = 20%.
Hence, Option 4 is the correct option.
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