Multiple Choice Questions on A sum of money lent at compound interest amounts to Rs 7396 in 2 years and to Rs 7950 70 i........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of money lent at compound interest amounts to Rs 7396 in 2 years and to Rs 7950 70 i...........

Quantitative Aptitude ( CCS) Compound Interest
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    A sum of money lent at compound interest amounts to Rs.7396 in 2 years and to Rs.7950.70 in 3 years. Find the rate

    4.5%

    Incorrect Answer

    7.5%

    Correct Answer

    6%

    Incorrect Answer

    5.5%

    Incorrect Answer
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    Explanation:

    Sum = P.
    P (1+ r)² = 7, 396.00
    P (1+r)³ = 7, 950.70
    Divide the 2nd equation by the first,
        1+ r = 7950.70 ÷ 7396 = 1.075
         r = 0.075  or  7.5%   ,  multiplying by 100.

    Hence, option 2 is the correct answer.

    By: Amit Kumar
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