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Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% per annum for two years. Pramod had to pay compound interest compounded quarterly. Ravi had to pay simple interest. Mohan had to pay compound interest compounded yearly. Sunil had to pay compound interest compounded half yearly. At the end of two years the second highest interest is to be paid by
  • a)
    Mohan
  • b)
    Ravi
  • c)
    Sunil
  • d)
    Pramod
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% pe...
►Simple interest will always be less than compound interest. In compound interest, as the number of calculations per year increases, the interest also increases.
►Therefore, Sunil will pay the second highest interest.
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Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% pe...
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Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% per annum for two years. Pramod had to pay compound interest compounded quarterly. Ravi had to pay simple interest. Mohan had to pay compound interest compounded yearly. Sunil had to pay compound interest compounded half yearly. At the end of two years the second highest interest is to be paid bya)Mohanb)Ravic)Sunild)PramodCorrect answer is option 'C'. Can you explain this answer?
Question Description
Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% per annum for two years. Pramod had to pay compound interest compounded quarterly. Ravi had to pay simple interest. Mohan had to pay compound interest compounded yearly. Sunil had to pay compound interest compounded half yearly. At the end of two years the second highest interest is to be paid bya)Mohanb)Ravic)Sunild)PramodCorrect answer is option 'C'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% per annum for two years. Pramod had to pay compound interest compounded quarterly. Ravi had to pay simple interest. Mohan had to pay compound interest compounded yearly. Sunil had to pay compound interest compounded half yearly. At the end of two years the second highest interest is to be paid bya)Mohanb)Ravic)Sunild)PramodCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ravi, Mohan, Sunil & Pramod borrowed equal sums of money at 12% per annum for two years. Pramod had to pay compound interest compounded quarterly. Ravi had to pay simple interest. Mohan had to pay compound interest compounded yearly. Sunil had to pay compound interest compounded half yearly. At the end of two years the second highest interest is to be paid bya)Mohanb)Ravic)Sunild)PramodCorrect answer is option 'C'. Can you explain this answer?.
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