ABC26GN4128 · Compound Interest
Subject: General Aptitude · Chapter: Compound Interest · Exam: 2007 · Marks: · Difficulty:
At what rate percent per annum of compound interest will ₹1600 amount to ₹1852.20 in 3 years? (S.S.C., 2007)
Answer
Explanation
Let the rate be R% per annum. Then, 3 R 1600 1 + = 1852.20 100 3 R 1852.20 18522 ⇒ 1+ = = 100 1600 16000 3 3 R 9261 21 ⇒ 1+ = = 100 8000 20 R 21 R 1 ⇒ 1+ = ⇒ = ⇒ R = 5. 100 20 100 20 Hence, rate = 5% p.a.
Explanation as extracted from the printed page; notation may be imperfect.
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