The compound interest accrued in 2 years on a principal of Rs. 15,800 is Rs.7716.72. What is the rate of interest p.c.p.a. ?
Amount = 15800 + 7716.72 = Rs. 23,516.72
$$A = P (1 + \frac{R}{100})^T$$
=> $$23,516.72 = 15,800 (1 + \frac{R}{100})^2$$
=> $$\frac{23,516.72}{15,800} = (1 + \frac{R}{100})^2$$
=> $$\frac{14884}{10000} = (1 + \frac{R}{100})^2$$
=> $$(1 + \frac{R}{100})^2 = (\frac{122}{100})^2$$
=> $$1 + \frac{R}{100} = \frac{122}{100}$$
=> $$\frac{R}{100} = \frac{122}{100} - 1$$
=> $$\frac{R}{100} = \frac{22}{100}$$
=> $$R = 22 \%$$
Create a FREE account and get:
Day-wise Structured & Planned Preparation Guide
By proceeding you agree to create your account
Free CAT Schedule PDF will be sent to your email address soon !!!
