Compound Interest Practice Test 5

Question : 33 of 40

Marks: +1, -0

The simple interest on a sum of Rs. 1800 for 2 years is Rs. 108. What would be the compound interest on the same sum of money for the same period if the rate of interest were further increased by 4%?

Rs. 260.82
Rs. 245.80
Rs. 270.72
Rs. 250.82

Validate

Solution:

∵ Rate

={108×100}/{1800×2}=3%

New rate = (3 + 4)% = 7%
∴ C.I.

=1800[(1+7/100)^2-1]

=1800[(107/100)^2-1]

={1800×1449}/10000=260.82

Go to Question:

Prev Question

Next Question