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Find the compound interest at the rate of 20% for 3 years on that principal which in 2 years at the rate of 10% per annum gives Rs.10500 as compound interest. (Compound interest calculated annually).
- a)Rs. 10550
- b)Rs. 7644
- c)Rs. 25000
- d)Rs. 36400
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Find the compound interest at the rate of 20% for 3 years on that prin...
Let P = Principal, R = rate of interest and N = time period
Compound interest calculated annually
= P(1 + R/100)n - P
Compound interest calculated annually
= P(1 + R/100)n - P
Given,
R = 10% and N = 2
⇒ 10500 = P(1 + 10/100)2 - P
⇒ 10500 = 0.21P
⇒ P = 50000
⇒ Principal = Rs. 50000
Then,
R = 20% and N = 3
Compound Interest
= 50000(1 + 20/100)3 - 50000
= 50000(1.2)3 - 50000
= 36400
R = 10% and N = 2
⇒ 10500 = P(1 + 10/100)2 - P
⇒ 10500 = 0.21P
⇒ P = 50000
⇒ Principal = Rs. 50000
Then,
R = 20% and N = 3
Compound Interest
= 50000(1 + 20/100)3 - 50000
= 50000(1.2)3 - 50000
= 36400
Most Upvoted Answer
Find the compound interest at the rate of 20% for 3 years on that prin...
Given Data:
Principal amount for 2 years at 10% = Rs. 10500
Calculating Principal Amount:
Let the principal amount be Rs. P.
Compound interest for 2 years at 10% = P(1 + 10/100)^2 - P
= P(1 + 0.1)^2 - P
= P(1.1)^2 - P
= 1.21P - P
= 0.21P
Given that compound interest for 2 years at 10% = Rs. 10500
0.21P = 10500
P = 10500 / 0.21
P = Rs. 50000
Calculating Compound Interest for 3 years at 20%:
Principal amount (P) = Rs. 50000
Rate of interest = 20%
Time = 3 years
Compound interest formula:
Compound Interest = P(1 + R/100)^n - P
Substitute the values:
Compound Interest = 50000(1 + 20/100)^3 - 50000
= 50000(1.2)^3 - 50000
= 50000(1.728) - 50000
= 86400 - 50000
= Rs. 36400
Therefore, the compound interest at the rate of 20% for 3 years on the principal amount of Rs. 50000 is Rs. 36400. Hence, the correct answer is option 'D'.
Principal amount for 2 years at 10% = Rs. 10500
Calculating Principal Amount:
Let the principal amount be Rs. P.
Compound interest for 2 years at 10% = P(1 + 10/100)^2 - P
= P(1 + 0.1)^2 - P
= P(1.1)^2 - P
= 1.21P - P
= 0.21P
Given that compound interest for 2 years at 10% = Rs. 10500
0.21P = 10500
P = 10500 / 0.21
P = Rs. 50000
Calculating Compound Interest for 3 years at 20%:
Principal amount (P) = Rs. 50000
Rate of interest = 20%
Time = 3 years
Compound interest formula:
Compound Interest = P(1 + R/100)^n - P
Substitute the values:
Compound Interest = 50000(1 + 20/100)^3 - 50000
= 50000(1.2)^3 - 50000
= 50000(1.728) - 50000
= 86400 - 50000
= Rs. 36400
Therefore, the compound interest at the rate of 20% for 3 years on the principal amount of Rs. 50000 is Rs. 36400. Hence, the correct answer is option 'D'.
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Find the compound interest at the rate of 20% for 3 years on that principal which in 2 years at the rate of 10% per annum gives Rs.10500 as compound interest. (Compound interest calculated annually).a)Rs. 10550b)Rs. 7644c)Rs. 25000d)Rs. 36400Correct answer is option 'D'. Can you explain this answer?
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Find the compound interest at the rate of 20% for 3 years on that principal which in 2 years at the rate of 10% per annum gives Rs.10500 as compound interest. (Compound interest calculated annually).a)Rs. 10550b)Rs. 7644c)Rs. 25000d)Rs. 36400Correct answer is option 'D'. Can you explain this answer? for SSC 2024 is part of SSC preparation. The Question and answers have been prepared according to the SSC exam syllabus. Information about Find the compound interest at the rate of 20% for 3 years on that principal which in 2 years at the rate of 10% per annum gives Rs.10500 as compound interest. (Compound interest calculated annually).a)Rs. 10550b)Rs. 7644c)Rs. 25000d)Rs. 36400Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for SSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the compound interest at the rate of 20% for 3 years on that principal which in 2 years at the rate of 10% per annum gives Rs.10500 as compound interest. (Compound interest calculated annually).a)Rs. 10550b)Rs. 7644c)Rs. 25000d)Rs. 36400Correct answer is option 'D'. Can you explain this answer?.
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