SATHEE: Quantitative Aptitude Ques 1180

Quantitative Aptitude Ques 1180

Question: At what rate of interest will Rs. 12000 becomes Rs. 14520 after 2 yr when interest is compounded annually.

Options:

A) 5% per annum

B) 10% per annum

C) 8.5% per annum

D) 9.5% per annum

Show Answer

Answer:

Correct Answer: B

Solution:

Principal (P) = 12000, Amount [a] = Rs. 14520 and time (T) = 2 yr. Let rate be R%

$ \therefore $ We know that, $ A=P{{( 1+\frac{R}{100} )}^{T}} $

$ \Rightarrow $ $ 14520=12000{{( 1+\frac{R}{100} )}^{2}} $

$ \Rightarrow $ $ \frac{14520}{12000}={{( 1+\frac{R}{100} )}^{2}} $
$ \Rightarrow $ $ {{( \frac{11}{10} )}^{2}}={{( 1+\frac{R}{100} )}^{2}} $

$ \Rightarrow $ $ \frac{11}{10}=1+\frac{R}{100} $
$ \Rightarrow $ $ =\frac{R}{100}=\frac{11}{10}-1 $

$ \therefore $ $ R=10 $ % per annum

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