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If the compound interest of a certain sum of money for two successive years be Rs, 225 and Rs. 238.50. What is the rate of interest per annum ?
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- 5%
- 6%
- 71/2
- 10%
Correct Option: B
From question it is clear that the simple interest of rupees 225 for one year is 238.50 - 225.
So Rate = (simple interest x 100 )/( time x principle)
= {(238.50 - 225) x 100}/(225 x 1) % = 6%
