Compound Interest Practice Test 3

Question : 11 of 40

Marks: +1, -0

A certain sum of money is lent at 12%, 6% and 15.5% p.a. for the first, second and third years respectively. Find at what rate does this amount give equal interest?

37.13%
26.67%
35%
24.14%
32.28%

Validate

Solution:

Let P = 100
Amount

=100(1+12/100)(1+6/100)(1+15.5/100)

=100×112/100×106/100×115.5/100

= 137.12
Interest = Rs 37.12
So, at 37.13% p.a., interest will be the same.

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