At what rate per cent per annum will Rs 4 800 amount to Rs 5 574 in two years if the interest is com...........

Quantitative Aptitude (MTS) Compound Interest

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At what rate per cent per annum will Rs 4,800 amount to Rs 5,574 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: 7.5%

Given:

Principal = Rs. 4800
Amount = Rs. 5547
Time = 2 years
Formula used:
A = P(1 + r/100)^t
Calculation:
According to the question
A = P(1 + r/100)
=> 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%