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At the end of 2nd and 3rd yea, the compo...

At the end of 2nd and 3rd yea, the compound interest of a sum of money is Rs. 880 and Rs. 968 respectively. What will be the rate of interest per annum?

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Verified by Experts

Here the interest of Rs. 880 in 1 year `=(968-880)=Rs. 88`.
Let the rate of interest be r% per annum.
`:.880(1=+r/100)-880=88` or `880(1+r/100-1)=88`
or `880xxr/100=88` or `r=(88xx100)/880=10`
Hence the rate of interest is 10% per annum.
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