Q75
A sum of money put at compound interest amounts in 2 years to Rs. 672 and in 3 years Rs. 714. The rate of interest per annum is = ?
A.
5.5%
B.
6.0%
C.
6.25%
AnswerD.
6.75%
Answer: Option C
Solution
Answer: Option C
Solution:
\begin{aligned}
& {\text{S}}{\text{.I}}{\text{. on Rs}}{\text{. 672 for 1 year}} \\
& {\text{ = Rs}}{\text{. }}\left( {714 - 672} \right) \\
& {\text{ = Rs}}{\text{. 42}} \\
& \therefore {\text{Rate = }}\left( {\frac{{100 \times 42}}{{672 \times 1}}} \right){\text{% }} \\
& \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,{\text{ = 6}}{\text{.25% }} \\\end{aligned}