Question
A sum is invested at a certain rate (p.a.) of compound interest (compounded annually). The interest earned after 1st year and after 2 years of investment is Rs. 3,000 and Rs. 3,420. Find the rate of interest per annum.
Solution
ATQ,
Interest received in 2nd year = 3420 - 3000 = Rs. 420, which is equal to
interest earned on Rs. 3,000.
Rate of interest = (420/3000) × 100 = 14%
More Simple and compound interest Questions
- At what rate of simple interest per annum will a sum of money become double in 12 years?
- A sum of Rs. 6120 is invested at simple interest for 2 years. If the rate interest for first year is 15% p.a. while 25% p.a. for second year, then find the...
- The simple interest earned on investing Rs. (80X + 2000) at simple interest of 15% p.a. for 36 months is Rs. 576 less than the total amount received on inv...
- A person invests Rs.15,000 in two different schemes. The first scheme offers simple interest at 10% per annum, and the second scheme offers simple interest...
- A sum is lent on compound interest for 2 years at 9% p.a. If the compound interest on the sum is Rs.2257.2, find the sum.
- Rahul invested Rs. ‘x’ at 13% p.a. and Rohit invested Rs. (x + 300) at 12% p.a. If the interest after 3 years is Rs. 1755, find the value of ‘x’.
- What sum of money will become Rs.1352 in 2 years at 4 percent per annum compound interest?
- The simple interest on a sum of Rs 10,000 for 2 years at 10% per annum is Rs 2,000. Find the compound interest on the same sum at the same rate and time, c...
- The interest earned on investing Rs. 1000 for 2 years at the rate of 20% p.a., compounded annually, is used to purchase an article. If the article is later...
- Rohan had Rs. 5000 with him. He invested 40% of the sum at 10% p.a. and the rest at 15% p.a., both at simple interest for 3 years each. Find the total inte...
Relevant for Exams:
