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
Principal sum = Rs. 16000 and time period = 2 years. Let rate of interest = $$r\%$$
Amount under Compound interest = $$P(1+\frac{R}{100})^T$$
=> $$16,000(1+\frac{r}{100})^2=17,640$$
=> $$(1+\frac{r}{100})^2=\frac{17640}{16000}$$
=> $$1+\frac{r}{100}=\sqrt{1.1025}$$
=> $$\frac{r}{100}=1.05-1=0.05$$
=> $$r=0.05\times100=5\%$$
=> Ans - (A)
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