The compound interest accrued on an amount of ₹22000 at the end of two years is ₹5596.80. What would be the… · ABC26GN4131
Subject: General Aptitude · Chapter: Compound Interest · Exam: Bank P.O. 2008
The compound interest accrued on an amount of ₹22000 at the end of two years is ₹5596.80. What would be the simple interest accrued on the same amount at the same rate in the same period? (Bank P.O., 2008)
Answer
No answer key was printed for this question.
Explanation
Let the rate be R% p.a. Then, $22000\left(1+\frac{R}{100}\right)^{2}=(22000+5596.80)=27596.80$ $\Rightarrow \left(1+\frac{R}{100}\right)^{2}=\frac{275968}{220000}=\left(\frac{28}{25}\right)^{2}$ $\Rightarrow \left(1+\frac{R}{100}\right)=\frac{28}{25} \Rightarrow \frac{R}{100}=\frac{3}{25} \Rightarrow R=12$. ∴ S.I. $=₹\left(\frac{22000 \times 12 \times 2}{100}\right)=₹5280$.
Explanation as extracted from the printed page; notation may be imperfect.