Question
Download Solution PDFA sum invested at compound interest amounts to Rs. 7,800 in 3 years and Rs. 11,232 in 5 years. What is the rate per cent?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The Sum becomes Rs. 7800 in 3 years and Rs. 11232 in 5 years
Formula used:
At compound interest, the final amount = \(P\left(1+\frac{r}{100} \right)^{n}\)
Where, P = The sum of the amount
r = Rate of interest
n = Time (years)
Calculation:
Here, Rs. 7800 becomes Rs. 11232 at compound interest in two years.
Let, the rate of interest = R
So, 11232 = \(7800\left(1+\frac{R}{100} \right)^2\)
⇒ [(100 + R)/100]2 = 11232/7800
⇒ [(100 + R)/100]2 = 144/100
⇒ [(100 + R)/100]2 = (12/10)2
⇒ [(100 + R)/100] = (12/10)
⇒ 100 + R = 1200/10 = 120
⇒ R = 120 - 100 = 20
∴ The rate per cent is 20%
Last updated on Jul 19, 2025
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