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?
Correct Answer: 6%
Explanation:
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%
