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Question

A sum of money placed out at compound interest amounts to Rs. 20,160 in 3 years and to Rs. 24,192 in 4 years. Calculate the rate of interest.


A
12%
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B
15%
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C
20%
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D
25%
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Solution

The correct option is A 20%
Amount in three year $$=Rs. 20160$$

Amount in four year $$=Rs.24192$$

Interest in 1 year $$=24192-20160=Rs.4032$$

Let the rate of interest $$=R$$%

C.I fir 1 year=S.I for 1 year$$=\dfrac{PRT}{100}$$

$$\Rightarrow 4032=\dfrac{20160\times R\times 1}{100}$$

$$\Rightarrow R=\dfrac{4032\times 100}{20160\times 1}=20$$%

Mathematics

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