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A sum of money, compound interest compounded annually, amounts in 2 years to Rs 605 and in 3 years to Rs 665.5. Find the rate of interest and the original sum

A.	10% , 500	B.	9%, 1000
C.	8%, 800	D.	7%, 500

Answer and Explanation

Answer:10% , 500

Explanation:
Let the sum be Rs x
Rate of interest be r%
x (1 + r/100)2 = 605……………..A
x (1 + r/100)3 = 665.5……………B
Dividing B by A,
r = 10%, x = Rs 500

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