Question
A sum of money at certain rate of interest when
compounded annually becomes ₹625 in 3 years and ₹675 in 4 years. What is the rate of Interest per annum?Solution
Considering the 4-year investment, the sum at the end of the 3rd year i.e. Rs. 625 acts as the principal amount for the 4th 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%.
Cnsider the following statements regarding Swachh Vayu Sarvekshan-2023-
I.According to the Swachh Vayu Sarvekshan-2023 (or Clean Air Survey), con...
Which community’s cultural heritage is celebrated at the newly inaugurated Banjara Virasat Museum in Maharashtra?
The Reserve Bank of India (RBI) has increased the threshold limit of non-callable deposits for providing more flexibility to depositors. The threshold l...
By what year does NASA plan to build a 100-kilowatt nuclear reactor on the Moon?
What initiative by the Reserve Bank of India (RBI) aims to enhance digital wallet interoperability in 2024?
Fitch Ratings has slashed its 2022-23 current account deficit projection for India to 2.3% of GDP from 3.3% in December 2022, and expects the deficit to...
What is the primary goal of the partnership between the Ministry of Panchayati Raj and UNICEF India?
What is TROPEX-23 recently conducted by The Indian Navy?
I. A cultural festival held by the Indian Navy
II. A training program for Navy pe...
Who became the new President of Brazil?
______ and Genpact have launched Be.Seen — a program to help scale businesses owned by minority and under-represented groups in India with an aim to...
Relevant for Exams:
