Quant Exam > Quant Questions > The simple interest accrued on a sum of Rs 27...
Start Learning for Free
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?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
The simple interest accrued on a sum of Rs 27,500 at the end of three ...
Most Upvoted Answer
The simple interest accrued on a sum of Rs 27,500 at the end of three ...
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.
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
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?
Question Description
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?.
Solutions 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? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup