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    Question

    A certain amount of money, when invested at an annual

    compound interest rate of 'x%' compounded annually, grows to 1.5376 times its original value in 2 years. Determine the value of 'x'.
    A 12 Correct Answer Incorrect Answer
    B 24 Correct Answer Incorrect Answer
    C 16 Correct Answer Incorrect Answer
    D 14 Correct Answer Incorrect Answer

    Solution

    Let the sum invested be Rs. 'P' ATQ; 1.5376 X P = P X {1 + (x/100)}2 Or, 1.5376 = {1 + (x/100)}2 Or, 1.24 = 1 + (x/100) Or, 124 - 100 = x So, x = 24

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