ABC26GN4161 · Compound Interest
Subject: General Aptitude · Chapter: Compound Interest · Exam: 2010 · Marks: · Difficulty:
Compound interest accrued on an amount of ₹ 26500 in two years is ₹ 9775.85. What is the rate of interest p.c.p.a? (Bank P.O., 2010)
(a)12%
(b)15%
(c)17%
(d)22%
(e)None of these
Answer
Explanation
Let the rate be $R \%$ p.a. Then, $26500\left(1+\frac{R}{100}\right)^{2}=26500+9775.85=36275.85$ $$\begin{aligned} & \Rightarrow\left(1+\frac{R}{100}\right)^{2}=\frac{3627585}{2650000}=\frac{13689}{10000}=\left(\frac{117}{100}\right)^{2} \\ & \Rightarrow 1+\frac{R}{100}=\frac{117}{100} \Rightarrow \frac{R}{100}=\frac{17}{100} \Rightarrow R=17 \% . \end{aligned}$$
Explanation as extracted from the printed page; notation may be imperfect.
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