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Question

A sum of money amounts to Rs.4840 in 2 years and Rs.5324 in 3 years at compound interest compounded annually. What is the rate of interest per annum ?

A
8
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B
10
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C
12
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D
15
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Solution

The correct option is B 10
Let the principal be Rs.P and rate of interest p.a. = r% Then
P(1+r100)2=4840...........(i) and P(1+r100)3=5324...........(ii)
53244840=(1+r/100)3(1+r/100)21+r100=13311210
r100=133112101=1211210=110r=110×100=10%p.a.

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