A certain sum of money amounts to Rs 8,928 in two years and to Rs
| A certain sum of money amounts to Rs 8,928 in two years and to Rs 10,224 in years, both at simple interest. The rate of interest per annum is :
years, both at simple interest. The rate of interest per annum is :
A. 12%
B. 10%
C. 9%
D. 15%
Please scroll down to see the correct answer and solution guide.
Right Answer is: A
SOLUTION
Amount in 2 years = Rs 8928
Amount in 
Rs 10224
⇒ Interest of 1.5 years ( 
years), = Rs 10224 – 8928 = Rs 1296
So, interest of 1 year = 
= Rs 864
Interest of 2 years = 2 × 864 = Rs 1728
Principal amount = 8928 – 1728 = Rs 7200
Rate % = 
