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The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?
- a)Rs 7,550
- b)Rs 7,243
- c)Rs 8,950
- d)Rs 6,900
- e)Rs 7,583
Correct answer is option 'B'. Can you explain this answer?
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Given:
Principal amount (P) = Rs 27,500
Simple Interest (SI) = Rs 10,230
Time (T) = 3 years
We need to calculate the compound interest accrued on the same sum at the same rate in 2 years.
To calculate compound interest, we use the formula:
A = P(1 + r/n)^(n*t)
Where:
A = Amount after t years
P = Principal amount
r = Rate of interest
n = Number of times interest is compounded per year
t = Time in years
In this case, we are given the principal amount and the simple interest. We can use the formula to find the rate of interest.
Let's calculate the rate of interest (r):
SI = P * r * T
10230 = 27500 * r * 3
10230 = 82500r
r = 10230/82500
r = 0.124
Now, let's calculate the compound interest accrued in 2 years:
A = P(1 + r/n)^(n*t)
A = 27500(1 + 0.124/1)^(1*2)
A = 27500(1 + 0.124)^2
A = 27500(1.124)^2
A = 27500(1.261026)
A = 34708.71
Compound Interest (CI) = A - P
CI = 34708.71 - 27500
CI = 7208.71
Approximately, the compound interest accrued on the same sum at the same rate in 2 years is Rs 7,208.71.
Therefore, the correct answer is option 'B' - Rs 7,243.
Principal amount (P) = Rs 27,500
Simple Interest (SI) = Rs 10,230
Time (T) = 3 years
We need to calculate the compound interest accrued on the same sum at the same rate in 2 years.
To calculate compound interest, we use the formula:
A = P(1 + r/n)^(n*t)
Where:
A = Amount after t years
P = Principal amount
r = Rate of interest
n = Number of times interest is compounded per year
t = Time in years
In this case, we are given the principal amount and the simple interest. We can use the formula to find the rate of interest.
Let's calculate the rate of interest (r):
SI = P * r * T
10230 = 27500 * r * 3
10230 = 82500r
r = 10230/82500
r = 0.124
Now, let's calculate the compound interest accrued in 2 years:
A = P(1 + r/n)^(n*t)
A = 27500(1 + 0.124/1)^(1*2)
A = 27500(1 + 0.124)^2
A = 27500(1.124)^2
A = 27500(1.261026)
A = 34708.71
Compound Interest (CI) = A - P
CI = 34708.71 - 27500
CI = 7208.71
Approximately, the compound interest accrued on the same sum at the same rate in 2 years is Rs 7,208.71.
Therefore, the correct answer is option 'B' - Rs 7,243.
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The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer?
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The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer?.
The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The simple interest accrued on a sum of Rs 27,500 at the end of three years is Rs 10,230. What would be the approximate compound interest accrued on the same sum at the same rate in two years?a)Rs 7,550b)Rs 7,243c)Rs 8,950d)Rs 6,900e)Rs 7,583Correct answer is option 'B'. Can you explain this answer?.
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