Question
A sum of money at a certain rate of interest when
compounded annually becomes ₹625 in 4 years and ₹675 in 5 years. What is the rate of Interest per annum?Solution
Considering the 5-year investment, the sum at the end of the 4th year i.e. Rs. 625 acts as the principal amount for the 5th year. We know that one year of compound interest is equivalent to one year of simple interest. Let the rate of interest be R%. According to the question, 625 + (625 × R × 1) ÷ 100 = 675 (625 × R × 1) ÷ 100=50 R =5000/625=8%.
As per the RBI's latest Report on Currency and Finance (RCF), what is projected to be a key factor sustaining the growth in remittances to India, expect...
Where did Lord Buddha achieve Parinirvana (pass away)?
Which bank has been given the task of collecting revenue on e-GRAS portal from Assam government that will enable people of Assam to make their tax pay...
The Odisha Cabinet recently approved the proposal to include which language in the 8th Schedule of the Constitution?
Which entity did the Union Cabinet approve for an 88km national highspeed corridor project between Agra and Gwalior?
Where are the headquarters of the World Economic Forum ?
Which of the following is not a policy insight highlighted in the ITF Transport Outlook 2023?
Which of the following private sector bank has rolled out a sticker-based debit card, called FIRSTAP in association with National Payments Corporation o...
Which of the following bankers is one of the lead bankers for the transaction involved in the initial public offer (IPO) of the Indian Renewable Energy ...
Which scheme was launched by the Union Agriculture Minister to support tech-driven ventures in rural areas?
Relevant for Exams:
