A Sum of 7500 is invested for 8 years 8 months at some rate. the amount received is 15300. Find the rate of interest ?
a) 9% b)15% c)12% d) 10%
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Amount at the end of 2nd year = 7500.(1 + 10/100)^2
= 7500×(11/10)^2. = 7500×(121/100). = Rs.9075.
Interest for 8 months = (9075×10×8)/(12×100). = Rs.605.
Amount after 2yrs 8 months = Rs.(9075+605) = Rs.9680.
and compound interest = Rs.(9680–7500) =Rs.2180.
Explanation:
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