Compound Interest Practice Test 4

Question : 14 of 40

Marks: +1, -0

At what rate per cent per annum will a sum of Rs. 8000 amounts to Rs. 9261 at compound interest in

1 1/ 2

years, interest being compounded half yearly?

Solution:

Here,

9261 = 8000(1+r/100)^3

⇒(1+r/100)^3=(21/20)^3

⇒1+r/100=21/20

∴r=1/20×100

= 5% per half-yearly
Hence, rate of interest = 10% p.a.

Go to Question:

Prev Question

Next Question