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The compound interest accrued in 2 years on a principal of Rs 15,800/- is Rs 7,716.72/-, What is the rate of interest p.c.p.a.?


A) 22%

B) 16%

C) 18%

D) Cannot be determined

E) None of the above

Correct Answer:
A) 22%

Description for Correct answer:
T = 2 years, P = Rs 15,800/-

C.I = Rs 7,716.72/-, R=?

\( \Large A = P \left(1 + \frac{R}{100}\right)^{T} \)

\( \Large P + C.I = P \left(1 + \frac{R}{100}\right)^{T} \)

\( \Large 15800 + 7716.72 = 15800 \left(1 + \frac{R}{100}\right)^{2} \)

\( \Large \frac{23516.72}{15800} = \left(1 + \frac{R}{100}\right)^{2} \)

\( \Large \frac{3721}{2500} = \left(1 + \frac{R}{100}\right)^{2} \)

\( \Large \left(\frac{61}{50} \right)^{2} = \left(1 + \frac{R}{100}\right)^{2} \)

\( \Large \frac{61}{50} = \left(1 + \frac{R}{100}\right) \)

\( \Large \frac{61}{100} = \frac{100 + R}{100} \)

\( \Large 6100 = 5000 + 50 R \)

\( \Large R = 22% \)


Part of solved IBPS PO-Prelims4 questions and answers : Exams >> Bank Exams >> IBPS PO-Prelims4




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