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The rate of interest at which amount of Rs.1800 on compound interest becomes Rs.1984.50 in 2 years is

A) 3%
B) 4%
C) 5%
D) 6%

Correct Answer:



C) 5%

Description for Correct answer:
A = P \( \Large \left(1 + \frac{r}{100}\right)^{2} \)

Therefor, 1984.50 = \( \Large 1800 \left(1 + \frac{r}{100}\right)^{2} \)

\( \Large \frac{3969}{2 \times 1800} = \left(1 + \frac{r}{100}\right)^{2} \)

\( \Large \frac{441}{2 \times 200} = \left(1 + \frac{r}{100}\right)^{2} \)

\( \Large 1 + \frac{r}{100} = \frac{21}{20} \)

\( \Large \frac{r}{100} = \frac{21}{20} - 1 \)

\( \Large r = \frac{1}{20} \times 100 \) = 5%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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