ExamCompetition Forum Question Papers Ask A Question Mock Test Learn & Earn Sign Up Login Menu



15 vote

At what rate of interest will Rs. 20000 become Rs. 28800 after 2 year when interest is compounded annually?

Asked on by | Votes 15 | Views: 151 | Tags: interest     | simple interest     | quantitative aptitude     | Add Bounty

At what rate of interest will Rs. 20000 become Rs. 28800 after 2 year when interest is compounded annually?
1). 5%
2). 6%
3). 20%
4). 15%


Share on Facebook      Share on Whatsapp       Share on Twitter




1 answers

42 vote
Answered by on | Votes 42 |

P = 20000

A = 28800

T = 2 years

Formula for compound interest,

A = P{1 + R/100}T

⇒ Putting all values in above formula, we get-

⇒ 28800 = 20000{ 1 + R/100}2

⇒ 28800/20000 = {1 + R/100}2

⇒144/100 = {1 + R/100}2

$(\Rightarrow 1 + \frac{{\rm{R}}}{{100}} = \frac{{12}}{{10}})$

⇒ R = 20%

Accepted Answer

Join Telegram Group




Other Questions

1.  An employ sell a t.v for Rs.9000/- with 10% simple interest for 5 years on an installment basis. Then How much amount he paid for each installment?

2.  A merchant receives an invoice for a motor boat for $20 000 with terms 4/30, n/100. What is the highest simple interest rate at which he can afford to borrow money in order to take advantage of the di

3.  Vikram borrowed Rs. 6,450 at 5 per cent simple interest repayable in 4 equal instalments. What will be the annual instalment payable by him?

4.  How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

5. Rahul borrowed a certain sum from Dhawan at a certain rate of simple interest for 2 years. He lent this sum to Ramesh at the same rate of interest compounded annually for the same period. At the end of two years. he received Rs. 4200 as compound interest but paid Rs. 4000 only as simple interest. Find the rate of interest.

6.  Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calcula

7. If a sum of money at simple interest double in 12 years, the rate of interest per annum is

8. Rahul invested 50% of his money at 13% per annum and rest at 19% per annum. What would be the annual rate of interest, if the interest is calculated on the whole sum?

9. Kinjal lend a money to her friend on simple interest of 5% for 4 years. If at last she got the total amount of Rs. 12000, the amount she lend is Rs. ….

10.  The compound interest on a certain amount for 2 years at the rate of 8 p.c.p.a. is Rs. 312. What will be the simple interest on the same amount and at the same rate and same time ?