Question
An amount of Rs. 13,000 is invested at a certain annual
compound interest rate, with interest compounded yearly. After 2 years, the total amount grows to Rs. 18,101.20. Determine the rate of interest at which the investment was made.Solution
Let the rate of interest = 'y%' p.a. Total amount received = 13000 X {1 + (y/100)}2 = 18101.2 Or, {(100 + y)/100}2 = 18101.2 ÷ 13000 = 1.3924 Or, {(100 + y)/100} = √1.3924 = 1.18 So, 100 + y = 118 So, y = 118 - 100 = 18 The sum was invested at compound interest of 18% p.a.
Where is the Vivekanand Rock Memorial situated?
Where did the Prime Minister inaugurate the Pandit Deendayal Upadhyaya Institute of Archaeology in 2019?
The bare ground between plants is covered with a layer of organic matter in order to retain soil moisture. This method is called ______.
Which of the following statements is/are correct regarding the Arya Samaj and Swami Dayanand Saraswati?
Statement A: The original name of Swami D...
- Who is the first woman combat aviator in Indian Army in 2022?
Who among the following has won Golden Globe 2020 award for “Best Performance by an Actress in a Motion Picture – Drama”?
In which of the following writs does the court enquire into the legality of the claim, which a party asserts to a public office and ousts him from its e...
Who released Food Security Index?
Where did Gautam Budha preached his first Sermon in India?
What is the Bihar Literacy Rate at present?
Relevant for Exams:
