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Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!
At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?
A. 6%
B. 6.5%
C. 7%
D. 7.5%
Answer: Option A
Solution(By Examveda Team)
$$\eqalign{ & {\text{Let}}\,{\text{the}}\,{\text{rate}}\,{\text{be}}\,R\% \,p.a. \cr & {\text{Then}},\,1200 \times {\left( {1 + \frac{R}{{100}}} \right)^2} = 1348.32 \cr & \Rightarrow {\left( {1 + \frac{R}{{100}}} \right)^2} = \frac{{134832}}{{120000}} = \frac{{11236}}{{10000}} \cr & \therefore {\left( {1 + \frac{R}{{100}}} \right)^2} = {\left( {\frac{{106}}{{100}}} \right)^2} \cr & \Rightarrow 1 + \frac{R}{{100}} = \frac{{106}}{{100}} \cr & \Rightarrow R = 6\% \cr} $$
Click here to read 1000+ Related Questions on Compound Interest(Arithmetic Ability)
Correct Option: D
Here , Amount ( A ) = ₹ 1348.32 , P = ₹ 1200 , Rate ( R ) = ? , Time = 2 years
| A = P | 1 + | R | T | ||
| 100 |
| ⇒ 1348.32 = 1200 | 1 + | R | 2 | ||
| 100 |
| ⇒ | 1348.32 | = | 1 + | R | 2 | ||
| 1200 | 100 |
| ⇒ | 134832 | = | 1 + | R | 2 | ||
| 120000 | 100 |
| ⇒ | 11236 | = | 1 + | R | 2 | ||
| 10000 | 100 |
| ⇒ | 106 | 2 | = | 1 + | R | 2 | ||||
| 100 | 100 |
| ⇒ | 106 | = 1 + | R |
| 100 | 100 |
| ⇒ 1 + | 6 | = 1 + | R |
| 100 | 100 |
⇒ R = 6% per annum.