CMAT Exam 2023 Shift 1 Solved Paper

Question : 12 of 100

Marks: +1, -0

The simple interest accrued on a sum of certain principal in 8 years at the rate of

13 \%

per year is

₹ 6500

. What would be the compound interest accrued on that principal at the rate of

8 \%

per year in 2 years?

Solution:

It is given,

\; \;\; \;{P × 8 × 13}/{100}=6500

\;P={\Rs} 6250

Amount after 2 years

=6250 (1+\;{8}/{100}) ^2=6250 × \;{108}/{100} × \;{108}/{100}=7290

Compound interest

=7290-6250=

Rs 1040
The answer is option A.

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