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      Question

      A sum of Rs 10,000 is invested at r% per annum. The

      simple interest for 2 years is Rs 1,600. Find (a) the rate of interest, and (b) the compound amount after 2 years at the same rate.
      A 18% p.a. and Rs.11,664 Correct Answer Incorrect Answer
      B 8% p.a. and Rs.11,664 Correct Answer Incorrect Answer
      C 28% p.a. and Rs.13,664 Correct Answer Incorrect Answer
      D 8% p.a. and Rs.11,674 Correct Answer Incorrect Answer

      Solution

      (a) Simple interest SI = (P ├Ч r ├Ч t)/100 1600 = (10000 ├Ч r ├Ч 2)/100 = 200r So r = 1600 / 200 = 8% per annum. (b) Compound amount after 2 years at 8%: A = P(1 + r/100)┬▓ = 10000 ├Ч (1.08)┬▓ = 10000 ├Ч 1.1664 = 11,664 Answer: Rate = 8% p.a., CI amount after 2 years = Rs 11,664.

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