Compound Interest Practice Test 3

Question : 20 of 40

Marks: +1, -0

A certain sum of money placed at compound interest amounts to Rs. 110 in 1 year and to Rs. 121 in 2 years. The rate of interest per annum is :

Solution:

Here, simple interest of Rs. 110 for 1 year = 121 – 110 = Rs. 11
Hence, rate

={11×100}/{110×1}=10%

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