MAT 2007 Question Paper

Question 48

Seema invested an amount of Rs. 16,000 for two years on compound interest and received an amount of Rs. 17,640 on maturity. What is the rate of interest ?

Solution

Amount (A) = (P) Principal * [1 - r/100]^n

17640 = 16000 * [1-r/100]^2

On solving, we get r = 0.05 = 5 %

Rate of interest  = 5% per annum


Create a FREE account and get:

  • All Quant Formulas and Shortcuts PDF
  • 100+ previous papers with solutions PDF
  • Top 5000+ MBA exam Solved Questions for Free

cracku

Boost your Prep!

Download App