A sum of money lent on compound interest amounts in 2 year to Rs. 8820 and in 3 years to Rs. 9261. Find the rate percent.
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Answer (Detailed Solution Below)Option 3 : 5% Given Amount in 2 years = Rs 8820 Amount in 3 years = Rs 9261 Formula Used A = P (1 + r/100)t Calculation A = P (1 + r/100)t ⇒ 8820 = P(1 + r/100)2 ……………………….(1) ⇒9261 = P(1 + r/100)3 ……………………..(2) Divide (2) by (1), we have, ⇒ 9261/8820 = (1 + r/100)3/ (1 + r/100)2 ⇒ 9261/8820 = 1 + r/100 ⇒ (9261/8820) - 1 = r/100 ⇒ 441/8820 = r/100 ⇒ r = 5% ∴ The rate is 5%.
Concept used: Amount on 3rd year - Amount on 2nd year = interest payble for 1 year on the 2nd year amount. Hence, 9261 - 8820 = 8820 × r × 1 / 100 ⇒ r = 44100/8820 = 5 ∴ Rate of interest = 5%  We are calculating interest for 1 year, so we can use SI instead of CI. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Compound Interest. Given Amount (A) = Rs 9261 Rate of interest = 5% p.a. Time (T) = 3 years Principal (P) =? A = P {1 + (r / 100)}t 9261 = P {1 + (5 / 100)}3 We get, 9261 = P (21 / 20)3 P = (9261 × 20 × 20 × 20) / (21 × 21 × 21) On simplification, we get, = Rs 8000 Therefore, the sum of money = Rs 8000 Uh-Oh! That’s all you get for now. We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now Uh-Oh! That’s all you get for now. We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is ERs. 8,000Solve Textbooks Question Papers We use cookies to improve your experience on our site and to show you relevant advertising. By browsing this website, you agree to our use of cookies. Learn more
. What sum of money amounts to ₹ 9261 after 3 years at 5% per annum compound annually?∴ Required Sum =Rs. 8000.
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