📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Sohan gave Rs. 5000 to Ramesh on simple interest at 12%

      per annum. After 3 years, he invested the total money received from Ramesh in a plan giving compound interest at 'R%' p.a. (compounded annually) for 2 years. If the final amount received by Sohan is Rs. 8064, find the value of 'R'.(Round off to nearest integer value)
      A 15% Correct Answer Incorrect Answer
      B 24% Correct Answer Incorrect Answer
      C 9% Correct Answer Incorrect Answer
      D 17% Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ; Amount received from Ramesh = 5000 + {(5000 × 12 × 3) / 100} = Rs. 6800 ATQ; 8064 = 6800 × {(100 + R) / 100}² (8064 / 6800) = {(100 + R) / 100}² 1.18647 ≈ {(100 + R) / 100}² 1.0893 ≈ {(100 + R) / 100} 108.93 ≈ 100 + R R ≈ 8.93 (Rounding to nearest integer, R = 9%)

      Practice Next
      More Simple and compound interest Questions

      Relevant for Exams:

      ask-question