Home
Find the time period if Rs 8,000 becomes Rs 9,261 at 5 % p.a. compounded annually.
Question
A
2.5 years
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
3 years
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
2 years
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
4 years
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct option is B
3 years
Suggest Corrections
0
Similar questions
Q.
Find the time, in years, in which Rs. 4,000 will produce Rs. 630.50 as compound interest at 5 per cent p.a. interest being compounded annually.
Q. Rs. 16,000 invested at
10% p.a. compounded semi-annually amounts to Rs.
18,522. Find the time period of investment.
Q. In what time will Rs. 8000 amount to Rs. 8820 at 5% p.a. compounded annually?
Q.
In what time will Rs. 1,60,000 become Rs1,94,481 if interest is 10% p.a. compounded semi-annually?
Q.
In what time Rs 800 amount to Rs 882 at 5% p.a. compounded annually?
View More
The compound interest and the amount obtained, on a certain sum of money are ₨. 820 and ₨. 8,820 respectively after 2 years. If the rate of interest compounded yearly, then the rate of interest is:
- 8%
- 7%
- 6%
- 5%
Answer (Detailed Solution Below)
Option 4 : 5%
Free
January Month Current Affair (1st Jan - 15th Jan)
30 Questions 30 Marks 30 Mins
Given:
CI of 2 years = Rs. 820
Amount = Rs. 8820
Time = 2 years
Formula:
A = P (1 + r/100)t
Calculation:
Amount = Rs. 8820
CI = Rs. 820
Principal = Rs. 8820 - Rs. 820 = Rs. 8000
According to the formula
8820 = 8000 (1 + r/100)2
⇒ (1 + r/100)2 = 8820/8000
⇒ (1 + r/100)2 = 441/400
⇒ (1 + r/100) = √441/400
⇒ (1 + r/100) = 21/20
⇒ r/100 = 21/20 - 1
⇒ r/100 = 1/20
⇒ r = 5%
∴ The rate of interest is 5%.
Last updated on Sep 22, 2022
SSC CHSL Additional Result announced on 2nd September 2022. This is with reference to the Tier I examination 2021. The detailed notification for SSC CHSL 2022 will be released on 5th November 2022. Candidates who have completed Higher Secondary (10+2) can appear for this exam for recruitment to various posts like Postal Assistant, Lower Divisional Clerks, Court Clerk, Sorting Assistants, Data Entry Operators, etc. The commission has also announced a total 9838 vacancies (tentative) for the posts of Postal Assistant and Sorting Assistant this year. Candidates can check the SSC CHSL result details here.
Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!