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Rohit earns an interest of ₹ 1656 for the third year and ₹ 1440 for the second year on the same sum. Find the rate of interest if it is lent at compound interest?

18%
12%
15%
None of these

Correct Answer: 15%

Explanation:

Interest on ₹ 1440 = ₹ 216 for the third year
⇒ Rate percentage = (216 x 100)/(1440 x 1) = 15 %

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