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A sum of money after a period of 2 years becomes...

This question belongs to Arithmetic Ability Compound Interest
Compound Interest
?

A sum of money after a period of 2 years becomes Rs. 34,560, and it becomes Rs. 41,472 after a period of three years, being compounded at 'R' rate of interest. What is the value of R?

Answer & Solution
Correct Answer: Option A
Compound Interest mcq question image
$$\eqalign{ & {\text{CI of 1 year}} = 41472 - 34560 = 6912 \cr & {\text{Rate }}\% = \frac{{6912}}{{34560}} \times 100 \cr & = 2 \times 10 \cr & = 20\% {\text{ Answer}} \cr} $$
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