NIFT UG 2017 Question Paper with solutions

Question : 74 of 150

Marks: +1, -0

the interest rate?

Solution:

10000[(1+\;\;{r+1}/{100})^{2}-(1+\;\;{r}/{100})^{2}]=209

⇒10000[(\;\;{100+r+1}/{100})^{2}-(\;\;{100+r}/{100})^{2}]=209

⇒10000[\;\;{(100+r+1+100+r)(100+r+1-100-r)}/{10000}]=209

⇒{(200+1+2r)(1)=205

⇒2r=209-201=8

⇒r=4\%

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