NIACL Model Paper 9 with solutions for free online practice

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Question : 44 of 100

Marks: +1, -0

What would be the compound interest obtained on an amount of Rs. 3,000 at the rate of 8 p.c.p.a. after 2 years?

Rs. 501.50
Rs. 499.20
Rs. 495
Rs. 510
None of these

Solution:

(2) Amount = P

[1+R/100]^T

= 3000 [1+8/100]^2=3000[1+2/25]^2

= 3000 ×27/25×27/25= RS. 3499.20

∴ C.l. = Rs.

(3499.20-3000)

= Rs. 499.20

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