Compound Interest Practice Test 4

Question : 15 of 40

Marks: +1, -0

A sum of money amounts to Rs. 4840 in 2 years and to Rs. 5324 in 3 years at compound interest compounded annually. What is the rate of interest per annum?

Validate

Solution:

Here, simple interest of Rs. 4840 for 1 year = 5324 – 4840 = Rs. 484
Since, rate

={484×100}/{4840×1}=10%

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