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Abhay Verma

· started a discussion

· 1 Months ago

wrong calculation (Question:1096673.0)

according to the formula we are supposed to get r = 1%n.

Question:

The interest earned on Rs. 4800 at rate of R% compounded annually is Rs. 1008 after 2 years. What would be the simple interest earned on the same amount at the rate of (R + 5)% per annum after 3 years?

Options:
A)

Rs. 1620

B)

Rs. 1740

C)

Rs. 2160

D)

Rs. 2480

Solution:

Ans: (c)

Equivalent interest rate for 2 years 

 = (1008/4800) × 100 = 21%

 So, R% + R% + (R2/100)% = 21%

 R = 10

 Therefore, required interest 

 = 4800 × (10 + 5)% × 3 = Rs. 2160

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