general math MCQ #448

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?

general math MCQ #448

  1. Question 1

    Q1. 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?

    • A) 18% p.a.
    • B) 22% p.a.
    • C) 20% p.a.
    • D) 24% p.a.

    Answer: 20% p.a.

    Explanation: The ratio of successive years' compound interest equals (1 + r/100); 1440/1200 = 1.20, so the rate is 20% p.a.