*For the principal of Rs 1500 the interest for the second year is Rs 96 more than that of first year.What should be the rate of compound interest?*
1️⃣ 6 %
2️⃣ 12 %
3️⃣ 8 %
4️⃣ can't say for sure
Answers
Given :- For the principal of Rs 1500 the interest for the second year is Rs 96 more than that of first year.What should be the rate of compound interest?*
1) 6 %
2) 12 %
3) 8 %
4) none of these .
Solution :-
As we know that,
- In CI we gets interest on interest .
Let us assume that, rate of interest is R% per annum .
so,
→ First year interest = (1500 * R)/100 = 15R
now,
→ Amount after first year = (1500 + 15R)
then,
→ Interest of second year = {(1500 + 15R) * R/100}
A/q,
→ (1500R + 15R²/100) - 15R = 96
→ 15R² = 9600
→ R² = 640
→ R ≈ 25.30% . (Ans.) (D)
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Given : For the principal of Rs 1500 the interest for the second year is Rs 96 more than that of first year
To Find : rate of compound interest
1️⃣ 6 %
2️⃣ 12 %
3️⃣ 8 %
4️⃣ can't say for sure
Solution:
Interest earned extra in second year is basically the interest earned on interest earned in 1st year
P = 1500
R = rate of interest
T = Time
SI = P * R * T /100
Interest earned in 1st Year = 1500 * R * 1/100 = 15R
Interest earned in 2nd year on 15R = 15R * R /100 = 15R²/100
15R²/100 = 96
=> R² = 9600/15
=> R² = 640
=> R = 25.3 %
None of the given option matches as even D is not correct as we can say for sure that 25.3 % is rate of interest.
if P = 15000 instead of 1500
Then R² = 64 => R = 8
Then option 3 matches 3️⃣ 8 %
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