A) 6%
B) 8%
C) 9%
D) 10%
Correct Answer: D
Solution :
Let the rate of Interest = R% per annum. We know that \[A=P{{\left( 1+\frac{R}{100} \right)}^{T}}\] \[2420=P{{\left( 1+\frac{R}{100} \right)}^{2}}\] ? (i) \[2420=P{{\left( 1+\frac{R}{100} \right)}^{2}}\] ? (ii) Dividing equation (ii) by (i), \[1+\frac{R}{100}=\frac{2662}{2420}\] \[\Rightarrow \] \[\frac{R}{100}=\frac{2662}{2420}-1\] \[\Rightarrow \] \[\frac{R}{100}=\frac{2662-2420}{2420}\] \[=\frac{242}{2420}=\frac{1}{10}\] \[\Rightarrow \] \[R=\frac{1}{10}\times 100=10%\]
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