Question : A sum amounts to INR 7,562 in 4 years and to INR 8,469.44 in 5 years, at a certain rate per cent per annum when the interest is compounded yearly. If INR 10,000 at the same rate of interest is borrowed for two years, then what will be the compound interest (in INR)?
Option 1: 2,544
Option 2: 1,736
Option 3: 2,764
Option 4: 1,965
Correct Answer: 2,544
Solution : Let P be the principal. We know, $\text{Total Amount}=\text{Principal}×(1+\frac{\text{Rate}}{100})^{\text{Time}}$ $\text{P}(1 +\frac{r}{100})^4$ = 7562 -----------------(1) $\text{P}(1 +\frac{r}{100})^5$ = 8469.44 -------------(2) Dividing (2) by (1) we get, $(1 +\frac{r}{100}) = \frac{846944}{756200}$ $⇒\frac{r}{100} = 1.12 - 1$ $\therefore r = 12$ Compound Interest $=10,000 × [(1 + \frac{12}{100})^2 – 1]= 10000 × 0.2544 =$ INR $2,544$ Hence, the correct answer is INR 2,544.
Result | Eligibility | Application | Selection Process | Cutoff | Admit Card | Preparation Tips
Question : A sum amounts to INR 7,562 in 4 years and to INR 8,469.44 in 5 years at a certain rate per annum, when the interest is compounded yearly. The rate of interest is:
Question : What is the compound interest on a sum of INR 25,000 after three years at a rate of 12% per annum interest compounded yearly?
Question : A sum of money amounts to INR 1,200 in 2 years and becomes INR 1,260 in 3 years at compound interest when interest is compounded annually. What is the rate of compound interest per annum?
Question : The compound interest on a certain sum invested for 2 years at 10% per annum is INR 1,522.50, the interest being compounded yearly. The sum is:
Question : The compound interest amounts on a certain sum at a certain rate percentage p.a. for the second year and third year are INR 3,300 and INR 3,630, respectively. What is the amount of the same sum at the same rate in $2 \frac{1}{2}$ years, interest compounded yearly?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile