Exams › SSC CGL (Prelims) › Maths

The compound interest on a certain sum for two successive years is ₹225 and ₹238.50. The rate of interest per annum is:

1. 7.5%
2. 5%
3. 10%
4. 6%

Correct answer: 6%

Solution

In compound interest, the interest earned in the second year is the first year's interest multiplied by \(1+r/100\). So \(238.50/225=1.06\), which gives \(r=6\%\).

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