Compound Interest Practice Test 2

Question : 36 of 40

Marks: +1, -0

If a certain sum of money placed at compound interest amounts to Rs. 518.48 in 2 years and to Rs. 614.55 in 3 years, the rate of compound interest per annum will be :

17.5%
18.52%
$19 1/ 3 %$
18.36%

Validate

Solution:

Simple interest of Rs. 518.48 for 1 year = 614.55 – 518.48 = Rs. 96.07
Hence, Rate

={96.07×100}/{518.48×1}=18.52%

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