RRB RPF RPSF SI and CONS Model Papers 9 with solutions

Question : 38 of 120

Marks: +1, -0

‘A’ invests Rs. 10,000 for 3 years at a certain rate of interest. At the end of the second year, it amounts to Rs. 11,664. Calculate the rate of interest per annum, if interest is compounded annually.

Validate

Solution:

(2)

{A}= {P} (1+ { {R}}/{100} )^{ {T}}

⇒ 11664=10000 (1+ { {R}}/{100} )^{2}

⇒ 11664/ 10000 =(1+ { {R}}/{100} )^{2}

⇒( {108}/{100} )^{2}= (1+ { {R}}/{100} )^{2}

⇒ 1+ {\ {R}}/{100}= {108}/{100}

⇒{ {R}}/{100}= {108}/{100}-1= {8}/{100}

⇒{R}= {8}/{100} × 100

= 8% per annum

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