A sum of money amounts to Rs. 10648 in 3years and Rs. 9680 in 2 years. The rate

Question

A sum of money amounts to Rs. 10648 in 3years and Rs. 9680 in 2 years. The rate of interest is?

Options:

A . 5 %

B . 10 %

C . 15 %

D . 20 %

Answer: Option B

P be the principle and R % Per annum be the rate.
P(1 + R/100) ³ = 10648 - (i)
P(1 + R/100) ² = 9680 - (ii)
By dividing (i) and (ii)
(1 +R/100) = 10648/9680
Or
R/100 = 968/9680 = 1/10 or
R = 10 %

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