Question : If Rs. 2,500 becomes Rs. 2,970.25 in 2 years at compound interest compounded annually, what is the yearly rate of interest (in %)?
Option 1: 7
Option 2: 9
Option 3: 11
Option 4: 13
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Correct Answer: 9
Solution : Principal amount, P = Rs. 2,500 Term, n = 2 years Total amount A = Rs. 2,970.25 Let the rate be $R$. Total amount after 2 years A = $P(1+\frac{R}{100})^{2}$ ⇒ Rs. 2,970.25 = Rs. 2,500$(1+\frac{R}{100})^{2}$ ⇒ $(1+\frac{R}{100})^{2}$ = $\frac{2970.25}{2500}$ ⇒ $(1+\frac{R}{100})$ = $\sqrt{1.1881}$ ⇒ $1+\frac{R}{100}$ = 1.09 ⇒ R = 0.09 × 100 = 9% Hence, the correct answer is 9.
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Question : If Rs. 10000 amounts to Rs. 11664 invested in compound interest (compounded annually) for two years then the annual rate of compound interest is:
Option 1: 10%
Option 2: 9%
Option 3: 8%
Option 4: 6%
Question : A sum of money invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more in 2 years if interest is compounded half-yearly. The sum is:
Option 1: Rs. 15,000
Option 2: Rs. 30,000
Option 3: Rs. 20,000
Option 4: Rs. 7,500
Question : The simple interest on a certain sum of money for 2 years at 5% is Rs. 1600. The compound interest at the same rate after 3 years (interest compounded annually) is:
Option 1: Rs. 2520
Option 2: Rs. 2522
Option 3: Rs. 2555
Option 4: Rs. 2535
Question : In how many years will Rs. 2,000 yield Rs. 662 as a compound interest at 10% per annum compounded annually?
Option 1: 3
Option 2: 2
Option 3: 4
Option 4: 5
Question : What would be the compound interest on Rs.15,750 at 20% per annum, in two years, if the interest is compounded half-yearly?
Option 1: Rs. 5,213.25
Option 2: Rs. 3,307.5
Option 3: Rs. 7,305.975
Option 4: Rs. 7,309.575
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