Compound interest earned on a sum for the second and the third years are Rs.120

Question

Compound interest earned on a sum for the second and the third years are Rs.1200 and Rs.1440 respectively. Find the rate of interest?

Answer: Option C

Rs.1440 - 1200 = Rs.240 is the interest on Rs.1200 for one year. Rate of interest = (100 * 240) / (100 * 1) = 20% p.a

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