NIACL Model Paper 8 with solutions for free online practice

Question : 48 of 100

Marks: +1, -0

What would be the compound interest accrued on an amount of ₹9,000 at the rate of 11 p.c.p.a. in two years ?

Solution:

(5) Cl = P

[[1+R/100]^T-1]

9000[[1 +11/100]^2-1]

= 9000 [(1.11)^2-1)]

= 9000 ×(1.2321 - 1)

= 9000 × 0.2321 = Rs. 2088.9

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