Compound Interest Practice Test 5

Question : 17 of 40

Marks: +1, -0

A sum of Rs 800 amounts to Rs 1,040 in 1 year at compound interest. At the same rate of the compound interest in 2 year, Rs 1,200 will amount to:

Solution:

1,040 =800(1+r/100)^t

1040/800=1+r/100

{1040-800}/800=r/100

r=30%

n 2 years, Rs 1,200 will amount to a Rs

1,200(1+30/100)^2

=1200×13/10×13/10=2028

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