In 2016 the amount becomes Rs 57 400 after 8 years find the rate of interest ........

Quantitative Aptitude ( CCS) Compound Interest

Study the following table carefully and answer the questions that follow:
A person invested different amount in different years at different rate of interest for different years as described in below table. Some values are missing. Answer the questions on the basis of given table and information in question.

In 2016, the amount becomes Rs 57,400 after 8 years, find the rate of interest.

10%

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Explanation:

Interest after 1 year = Rs 2800, so after 6 years = 2800*6 = Rs 16800
Let principal amount = Rs x
So in 6 years, amount becomes (x+16800) and in 8 years it becomes 57,400
So interest in 2 years = 57400 – (x+16800) = Rs(40600-x)
So after 1 year = Rs(40600-x)/2 which is Rs 2800
So (40600-x)/2 = Rs 2800
Solve, x = Rs 35,000
Now 35000*r*1/100 = 2800
Solve, r = 8%