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      Question

      B invested Rs. 8000 in a compound interest scheme for 2

      years at an annual interest rate of x%. If he received Rs. 3520 as interest, find the rate of interest per annum.
      A 20% Correct Answer Incorrect Answer
      B 18% Correct Answer Incorrect Answer
      C 12% Correct Answer Incorrect Answer
      D 24% Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ, CI = P(1 + R/100)² – P 3520 = 8000 × [1 + (x/100)]² – 8000 3520 + 8000 = 8000 × [1 + (x/100)]² 11520 = 8000 × (100 + x)² / 100² 11520 × 100² = 8000 × (100 + x)² (100 + x)² = (11520 × 10000) / 8000 (100 + x)² = 14400 120² = (100 + x)² 120 = 100 + x x = 20 So, the interest rate is 20% per annum.

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