A sum amounts to ₹7,562 in 4 years and to ₹8,469.44 in 5 years at a certain rate per cent per annum, when the interest is compounded yearly. The rate of interest is:

12%

Amount = Principal × ( 1 + \(\frac{rate }{100}\) )^t

8469.44 = 7562 × ( 1 + \(\frac{rate }{100}\) )¹

\(\frac{8469.44 }{7562}\) = ( 1 + \(\frac{rate }{100}\) )

1.12 = ( 1 + \(\frac{rate }{100}\) ) 

\(\frac{rate }{100}\) = 1.12 - 1 = 0.12

Rate = 12%