# If the amount received at the end of 2nd and 3rd year at Compound Inte

| If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 25088, and Rs 28098.56 respectively, what is the rate of interest?

A. 6 percent

B. 24 percent

C. 12 percent

D. 19 percent

### Right Answer is: C

#### SOLUTION

Amount received at the end of 2^{nd} year=25088

And amount received at the end of 3^{rd} year= 28098.56

We know that amount=

25088= ——–eq1

28098.56= ———eq2

Divide eq2 by eq1

2809856- 2508800= 25088r

301056=25088r

r=12%

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If the amount received at the end of 2nd and 3rd year at Compound Inte