A sum of money deposited at C.I. amounts to Rs.2420 in 2 years and to Rs.2662 in 3 years. Find the rate percent?
Q1. A sum of money deposited at C.I. amounts to Rs.2420 in 2 years and to Rs.2662 in 3 years. Find the rate percent?
Answer: 10%
Explanation: The interest earned in year 3 = 2662 − 2420 = 242; rate = 242/2420 × 100 = 10% p.a.