Find the rate of interest compounded annually if the compound interest on
10,000 is 1236 after 2 years.
Answers
Answer:
rate=1236×100/10000×2=6.18
Answer:
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Find the compound Interest on Rs. 10,000 at the rate of 18 percent per annum for 8 months when interest is compounded every 4 months?
This question was previously asked in
DSSSB Fire Operator Previous Paper (Held On : 20 April 2021 Shift 1)
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Rs. 2472
Rs. 2520
Rs. 2480
Rs. 1236
Answer (Detailed Solution Below)
Option 4 : Rs. 1236
Detailed Solution
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Given:
Principal = Rs. 10,000
Rate = 18% per annum
Time = 8 months
Formula used:
CI = Amount - Principal
A = P[1 + (R/n100)]nt
Where, CI = Compound Interest, A = Amount, P = Principal, R = Rate, t = time, n = Number of times compounded per year
Calculation:
Rate of interest (R) = 18% per annum
Time (t) = 8 months = 8/12 years
Compounded per year (n) = 12/4 = 3
As we know that
A = P[1 + (R/n100)]nt
⇒ 10,000 × [1 + (18/3 × 100)]3 × (8/12)
⇒ 10,000 × [1 + 6/100]2
⇒ 10,000 × (53/50) × (53/50)
⇒ Rs. 11,236
Now, CI = Amount - Principal
⇒ Rs. (11,236 - 10,000)
⇒ Rs. 1236
∴ The compound Interest is Rs. 1236
Step-by-step explanation:
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