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?