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1) calculate in how many years will Rs 30000 amount to Rs 399300 at the rate of 10% Compound interest per annum.
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We have 39 9, 300 over 30,000 and this is 10%. The log of the two sides must be divided by one plus zero 0.1. It's going to be a log of 399300 over 30,000, divided by one plus 0.1 for 27 years.
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CT : GK (Ancient History)
10 Questions 10 Marks 6 Mins
Given:
Principal = Rs 1,800
Final amount = Rs 2,178
Rate of interest = 10%
Concept used:
Amount after ‘n’ years for a Principal of P and rate of interest of r% compounded annually, A = P × (1 + r/100)n
Calculation:
A = P × (1 + r/100)n
2,178 = 1,800 × (1 + 10/100)n
⇒ 2,178/1,800 = (11/10)n
⇒ 121/100 = (11/10)n
⇒ (11/10)2 = (11/10)n
⇒ n = 2
∴ In two years the amount of Rs 1,800 will become Rs 2,178 at 10% compounded annually.
Last updated on Oct 27, 2022
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Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!
The compound interest obtained on Rs. 6,250 for two years at the rate of interest 8% per annum, compounded annually, will be:
This question was previously asked in
SSC MTS 2020 (Held On : 13 Oct 2021 Shift 3 ) Official Paper 21
View all SSC MTS Papers >
- Rs. 1,040
- Rs. 1,500
- Rs. 1,450
- Rs. 1,020
Answer (Detailed Solution Below)
Option 1 : Rs. 1,040
Free
CUET/DU General Knowledge Mock Test
10 Questions 50 Marks 7 Mins
Given
Principal = Rs. 6,250
Time = 2 years
Rate = 8% per annum
Formula used
A = P(1 + r%)t
where p and r are principal and rate respectively
Compound interest = Amount - Principal
Calculation
A = 6250 (1 + 8%)2
⇒A = 6250 × (108/100) × (108/100)
⇒A = 6250 × (27/25) × (27/25)
⇒A = 10 × 27 × 27
⇒A = 7290
Compound interest = 7290 - 6250
⇒1040
∴ Compound interest is Rs.1040
Last updated on Sep 27, 2022
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