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Discussion :: Simple Interest

  1. Rs.4500 amounts to Rs.5544 in two years at compound interest, compounded annually. If the rate of the interest for the first year is 12%, find the rate of interest for the second year?
    2. A.
    10%
    B.
    12%
    C.
    15%
    D.
    20%
    E.
    None of these

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    Answer : Option A

    Explanation :

    Let the rate of interest during the second year be R%. Given, 

    4500 * {(100 + 12)/100} * {(100 + R)/100} = 5544 

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