A sum amount to Rs. 7,562 in 4 years and to Rs. 8,469.44 in 5 years at a certain rate percent per annum, when the interest is compounded yearly. The rate of interest is:
A. 8%
B. 12%
C. 20%
D. 15%
Answer: Option B
Solution (By Examveda Team)
$$\eqalign{ & 7562\,\_\_\_\_\_\_\_\_\,8469.44 \cr & {\text{Rate of interest}} = \frac{{907.44}}{{7562}} \times 100 = 12\% \cr} $$This Question Belongs to Arithmetic Ability >> Compound Interest
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