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Question 196
The compound interest accrued in 2 years on a principal of Rs. 16.250 is Rs. 5.616. What is the rate of interest p.c.p.a, ‘?
Solution
We know that, $$CI = P\left(1+\frac{r}{100}\right)^{n}- P$$
$$5.616 = 16.250 \left(1+\frac{r}{100}\right)^{2} - 16.250$$
Solving, we get, $$\frac{r}{100}=16$$
$$r = 16$$
Option B is the right answer.
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