A sum of money on compound interest amounts to Rs.10648 in 3 years and Rs.9680 in 2 years. The rate of interest per annum is :
Options:
A . 20%
B . 5%
C . 15%
D . 10%
Answer: Option D Answer: (d)Using Rule 1,Let the sum be P and rate of interest be R% per annum. Then,$P(1 + R/100)^2 = 9680$ ...(i)$P(1 + R/100)^3 = 10648$ ...(ii)On dividing equation (ii) by (i)$1 + R/100 = 10648/9680$$R/100 = 10648/9680$ -1= ${10648 - 9680}/9680$$R/100 = 968/9680 = 1/10$R = $1/10 × 100$ = 10%
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