Exams › SSC CGL (Prelims) › General
A sum of money becomes 2.25 times itself in 2 years at compound interest. What is the rate of interest?
- 40%
- 50%
- 60%
- 75%
Correct answer: 50%
Solution
If the money becomes 2.25 times in 2 years, then \((1+r)^2 = 2.25\). So \(1+r = 1.5\), giving \(r = 0.5 = 50\%\).
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