Arithmetic

Simple & Compound Interest

Easy

A sum of Rs 10,000 becomes Rs 14,400 on compound interest in 2 years. What is the rate of interest per annum ?

10%

40%

20%

15%

✅ Correct Option: 3

$A=P(1+r)^n$ . So $14400=10000(1+r)^2$ , giving $(1+r)^2=1.44$ , thus $1+r=1.2$ and $r=0.20=20\%$ .

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A sum of Rs 10,000 becomes Rs 14,400 on compound interest in 2 years. What is the rate of interest per annum ?

Solution

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