Correct Answer:
Description for Correct answer:
Principal = Rs. 8000,
Amount = Rs. 8820
Let Rate % = R
Time = 2 years
By using formula,
\( \Large 8820=8000 \left(1+\frac{R}{100}\right)^{2}\)
\( \Large \frac{8820}{8000}= \left(1+\frac{R}{100}\right)^{2}\)
\( \Large \frac{441}{400}= \left(1+\frac{R}{100}\right)^{2}\)
Taking square root of both sides,
\( \Large \frac{21}{20}= \left(1+\frac{R}{100}\right)\)
R= 5 %
Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest
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Find CI on a sum of Rs. 8000 for 2 years at 5 % per annum compounded annually.
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Correct Answer - Option 4 : 5%
GIVEN:
Principal = Rs.8000
Amount after 2 years = Rs.8820
CONCEPT:
As interest is compounded annually for 2 years, we have to square root both principal and amount and compare them to find the interest.
FORMULA USED:
Amount = Principal (1 + Rate/100)t
CALCULATION:
Let, the rate of interest be r%
Accordingly,
8000 × (1 + r/100)2 = 8820
⇒ 8820/8000 = (1 + r/100)2
⇒ 441/400 = (1 + r/100)
⇒ 21/20 = 1 + r/100
⇒ r/100 = 1/20
⇒ r = 5
∴ Rate of Interest is 5% per annum.