Exams › SSC CGL (Prelims) › Maths

For a certain principal, the compound interest earned in two consecutive years is Rs 225 and Rs 238.50 respectively. Find the annual rate of interest.

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

Correct answer: 6%

Solution

The increase of 13.50 (238.50 - 225) is the interest on the first year's interest of 225. Hence rate = 13.50/225 x 100 = 6%.

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