English

Find the rate percent per annum, if ₹2000 amounts to ₹2,315,25 in a year and a half, interest being compounded half-yearly. -

Advertisements
Advertisements

Question

Find the rate percent per annum, if ₹2000 amounts to  ₹2,315,25 in a year and a half, interest being compounded half-yearly. 

Options

  • 11.5%

  • 10%

  • 5%

  • 20%

MCQ

Solution

10%

Explanation:

t → `1 1/2` years = 3 terms

`(1 + "r"/100)^3 = (2315.25)/(2000)`

`(1 + "r"/100)^3 = 9261/8000`

`(1 + "r"/100)^3 = (21/20)^3` 

`1 + "r"/100 = 21/20`

`"r"/100 = 1/20`

r = 5% half yearly

10% yearly 

shaalaa.com
Simple and Compound Interest (Entrance Exam)
  Is there an error in this question or solution?
Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×