A man invested a sum of money at compound interest. It amounted to ₹12100 in two years and to ₹13310 in three years. The rate of interest per annum is:
Answer & explanation
Correct answer: option 4
Difference in amount = 13310 - 12100 = 1210
Rate of interest = \(\frac{1210}{12100}\) × 100%
= \(\frac{1}{10}\) × 100%
= 10%