Compound Interest Practice Test 1

Question : 30 of 40

Marks: +1, -0

The simple interest on a sum of Rs. 4800 for 2 years is Rs. 768. What will be the compound interest on the same sum at the same rate and for the same period?

Rs. 798.72
Rs. 870.75
Rs. 920.69
Rs. 884.20

Validate

Solution:

Rate

={768×100}/{4800×2}=8%

∴CI=4800[(1+8/100)^2-1]

=4800[(27/25)^2-1]

=4800×104/625=798.72

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