Compound Interest Practice Test 2

Question : 26 of 40

Marks: +1, -0

A certain amount of money at r% compounded annually after two and three years becomes Rs 1,440 and Rs 1,728 respectively. Then r is:

Solution:

A certain amount of money at r% compounded annually after two and three year becomes Rs 1,440 and Rs 1,728.
So,

1728=1440(1+R/100)^t

1728=1440+{1440R}/100

R={100×288}/1440=20%

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