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%.
Which one of these online marketplaces becomes the first major platform to offer direct mutual funds to consumers?
Select the wrong statement regarding Veer Chandra Singh Garhwali Self-Employment Project--
What is the financial outlay approved by the Union Cabinet for the continuation of PM-AASHA schemes until 2025-26?
Who was the first Chief Commissioner of Chandigarh?
DU PONT Analysis deals with:
What was India’s rank in the 2024 Global Nature Conservation Index (NCI), and what was its score?
Cairn Energy Co. is headquartered in which country?
Where is the Kodaikanal Solar Observatory situated?
When did the British Government call the Indian leaders for the first Round Table Conference?
On which date has the United Nations designated as World Football Day?
Relevant for Exams:
