A sum of money becomes ₹6,000 in 2 years and ₹6,600 in 3 years at compound interest. What is the rate of interest?

A

5%
B

10%
C

15%
D

20%

Explanation:

The rate of interest is 10% based on the growth from ₹6,000 to ₹6,600 in one year

Finding Something Else?

Read the Complete Topic

This question belongs to the set "Mathematics Practice Quiz on Simple and Compound Interest". Click below to read detailed notes and attempt the full quiz.

View Full Post →

Try These Similar MCQs

If the principal is ₹1,000, the rate of interest is 5% per annum, and the time is 2 years, what is the simple interest?

If the interest is compounded half-yearly, how many times per year is the interest compounded?

The simple interest on a sum of ₹12,000 at 6% per annum for 4 years is:

In compound interest, if the interest is compounded quarterly, the number of compounding periods in a year is:

The simple interest on ₹5,000 at 8% per annum for 3 years is:

If ₹6,000 becomes ₹7,200 in 2 years at simple interest, what is the rate of interest?

Explore Related Study Material

$Introduction of Point slope form: Different Techniques of equation of a line$ Note

Introduction of Point slope form: Different Techniques of equation of…

Apr 10, 202319.3k views View →

Note

Profit, Loss And Discount – Examples And Tricks To Solve

May 12, 20203k views View →

Note

Basics Of Profit And Loss

May 12, 20201.3k views View →

Note

Percentage: Formula And Examples Related To Population

May 10, 20206.8k views View →