New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Anjali invested Rs.12000 in a scheme offering compound

    interest of x% p.a. compounded annually. If at the end of 2 years, interest received by her from the scheme is Rs.2520 then find the value of ‘x’.
    A 10 Correct Answer Incorrect Answer
    B 12 Correct Answer Incorrect Answer
    C 15 Correct Answer Incorrect Answer
    D 20 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    According to the question, => 2520 = 12000 x [(100 + x)/100]2 – 12000 => 14520 = 1.2 x (100 + x)2 => (100 + x)2 = 12100 => x = 110 – 100 => x = 10

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