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The compound interest accrued in 2 years on a principal of Rs 15,800/- is Rs 7717.72/-. What is the rate of interest p.c.p.a.?

A) 0.22
B) 0.16
C) 0.18
D) 0.2
E) 0.25

Correct Answer:

A) 0.22

Description for Correct answer:
By formula,

C.I. = \( P\left[ \left(1+\frac{r}{100}\right)^{n}-1 \right] \)

7717.72 = \( P\left[ \left(1+\frac{r}{100}\right)^{n}-1 \right] \)

\( \frac{7717.72}{15800}+1 = \left(1+\frac{r}{100}\right)^{2} \)

\( \frac{2351772}{1580000} = \left(1+\frac{r}{100}\right)^{2} \)

\( 1.22 = 1 + \frac{r}{100} \)

122 = 100 + r

r = 22%

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