At what rate per cent per annum will Rs4 800 amount to Rs5 574 in two years if the interest is compo...........

Quantitative Aptitude (MTS) Compound Interest

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At what rate per cent per annum will Rs4,800 amount to Rs5,574 in two years if the interest is compounded annually?

This questions was previously asked in

SSC MTS 7th October 2021 Shift-1

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7.5%

8.5%

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Explanation:

Correct option:1

Solution:
Given that Principal = Rs. 4800 , Amount = Rs. 5547 , Time = 2 years
A = P(1 + r/100)^t
According to the question
5547 = 4800 x (1 + r/100)²
(1 + r/100)² = (5547/4800)
(1 + r/100)² = (1849/1600)
(1 + r/100)²= (43/40)²
(100 + r)/100 = 43/40
(100 + r)/5 = 43/2
200+ 2r= 215
2r = (215 - 200)
2r= 15
r = 7.5%
The rate of percent is 7.5%