Question
A sum of money invested at compound interest amounts in 3 years to Rs.2,400 and in 4 years to Rs.2,520. The interest rate per annum is :
Answer: Option B
Answer: (b)S.I. on Rs.2400 for 1 year= Rs.(2, 520 - 2, 400) = Rs.120Rate = $\text"S.I. × 100"/ \text"Principal × Time"$%= ${120 × 100}/{2400 × 1}$ = 5%Using Rule 7(i),Here, b - a = 4 - 3 = 1B = Rs.2520, A = Rs.2400R% = $(B/A - 1)$ × 100%= $[2520/2400 - 1] × 100%$= $[{2520 - 2400}/2400] × 100%$= $120/2400 × 100%$ = 5%
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Answer: (b)S.I. on Rs.2400 for 1 year= Rs.(2, 520 - 2, 400) = Rs.120Rate = $\text"S.I. × 100"/ \text"Principal × Time"$%= ${120 × 100}/{2400 × 1}$ = 5%Using Rule 7(i),Here, b - a = 4 - 3 = 1B = Rs.2520, A = Rs.2400R% = $(B/A - 1)$ × 100%= $[2520/2400 - 1] × 100%$= $[{2520 - 2400}/2400] × 100%$= $120/2400 × 100%$ = 5%
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