- \(69 \frac{1}{2} \%\)
- \(67 \frac{1}{2} \%\)
- \(62 \frac{1}{2} \%\)
- \(61 \frac{1}{2} \%\)
Answer (Detailed Solution Below)
Option 3 : \(62 \frac{1}{2} \%\)
Free
150 Questions 150 Marks 150 Mins
Given:
n = 9/4
Time = 2 years
Formula used:
(n – 1)/T × 100
Calculation:
(n – 1)/T × 100
⇒ (9/4 – 1)/2 × 100
⇒ (5/4)/2 × 100
⇒ 5/8 × 100
⇒ 125/2
⇒ \(62 \frac{1}{2} \%\)
∴ The rate of interest is \(62 \frac{1}{2} \%\)
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Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now!
If a certain sum of money becomes 9 times itself in 2 years. Find the rate of compound interest?
- 50%
- 100%
- 200%
- 80%
Answer (Detailed Solution Below)
Option 3 : 200%
Free
CT 1: Growth and Development - 1
10 Questions 10 Marks 10 Mins
Given:
The sum becomes 9 times in 2 years.
Formula used:
A = P(1 + r/100)t
Calculation:
Let the principal be ‘P’.
⇒ A = P(1 + r/100)t
⇒ 9P = P(1 + r/100)2
⇒ 9 = (1 + r/100)2
⇒ √9 = 1 + r/100
⇒ 3 = 1 + r/100
⇒ 300 = 100 + r
⇒ r = 200%
∴ The rate of interest is 200%.
⇒ √1 = √9
⇒ 1 = 3
⇒ 2/1 × 100
⇒ 200%
∴ The rate of interest is 200%.
Last updated on Nov 24, 2022
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asked Feb 27 in Aptitude by
Vedantk (30.0k points)
closed Mar 2 by
Vedantk
Find the rate of interest at which, a sum of money becomes 9/4 times in 2 years.
1. \(69 \frac{1}{2} \%\)
2. \(67 \frac{1}{2} \%\)
3. \(62 \frac{1}{2} \%\)
4. \(61 \frac{1}{2} \%\)
- quantitative-aptitude
- interest
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1 Answer
0 votes
answered Feb 27 by
KaifGoriya (30.0k points)
selected Feb 27 by
Vedantk
Best answer
Correct Answer - Option 3 : \(62 \frac{1}{2} \%\)
Given:
n = 9/4
Time = 2 years
Formula used:
(n – 1)/T × 100
Calculation:
(n – 1)/T × 100
⇒ (9/4 – 1)/2 × 100
⇒ (5/4)/2 × 100
⇒ 5/8 × 100
⇒ 125/2
⇒ \(62 \frac{1}{2} \%\)
∴ The rate of interest is \(62 \frac{1}{2} \%\)
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