Exams › SSC CGL (Prelims) › General
If the amount at the end of the 4th year and 5th year on a certain principal at compound interest is ₹24,000 and ₹26,400 respectively, find the rate of interest per annum.
- 8%
- 9%
- 10%
- 11%
Correct answer: 10%
Solution
In compound interest, successive yearly amounts differ by a constant factor of (1+r). The ratio 26400/24000 = 1.1, so the rate is 10% per annum.
Related SSC CGL (Prelims) General questions
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