Question
A person deposited a sum at simple interest. The amount
after 5 years turned out to be (110/88) times of the amount he got in 3 years. Find the rate of interest.Solution
ATQ,
Let the rate of interest be ‘r%’ p.a.
Let the amount after 3 years = Rs. ‘88x’
Then, amount after 5 years = (110/88) × 88x = Rs. ‘110x’
Interest in 2 years = 110x – 88x = Rs. ‘22x’
Yearly interest = 22x / 2 = Rs. ‘11x’
Principal = 88x – 11x × 3 = Rs. ‘55x’
ATQ,
55x × (r / 100) × 1 = 11x
r = (11x × 100) / 55x = 20
The rate of interest = r = 20%
Which of the below statement is not true:
Which credit rating agency is NOT headquartered in India?
Which of the following statements is true about Treasury Bills (T-Bills)?
What does distributive justice focus on?
Under which scheme can Micro and Small Enterprises (MSEs) avail collateral-free credit with government-backed guarantees for loans up to ₹5 crore?
Under the Projected Turnover Method what is the limit to the bank finance that can be provided to MSMEs?
Which of the following statements accurately describes the relationship between price and quantity demanded/supplied, considering potential exceptions?
The Securities and Exchange Board of India (Sebi) has mandated the registration of index providers managing "significant indices" based on securities li...
The concept of "Conflict of Interest" in business ethics primarily refers to a situation where:
According to the Union Budget 2023-24, consider the following statements.
1. Our current year’s economic growth i.e. FY23 is estimated to be...
Relevant for Exams:
