Mathematics
For two consecutive years, a sum of money lent out at C.I. amounts to ₹ 2400 and ₹ 2760 respectively. The rate of interest is :
5%
15%
18%
10%
Compound Interest
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Answer
Difference between amounts of two successive years = ₹ 2760 - ₹ 2400 = ₹ 360
∴ ₹ 360 is the interest of one year on ₹ 2400.
By formula,
Rate of interest = = 15%.
Hence, Option 2 is the correct option.
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