CAT Exam > CAT Questions > A sum becomes 33.1% more in three years when...
Start Learning for Free
A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.?
Most Upvoted Answer
A sum becomes 33.1% more in three years when invested under compound ...
Given Data:
- Sum becomes 33.1% more in three years under compound interest
- Interest is compounded annually
Let's Assume:
- Principal amount be P
- Annual rate of interest be R
- Time period be 3 years
Calculation:
- After 3 years, the sum becomes 33.1% more, which means the new sum is 133.1% of the principal amount (P)
- So, the new sum after 3 years = P + 0.331P = 1.331P
- Using the compound interest formula:
A = P(1 + R/100)^t
where A is the amount after t years, P is the principal amount, R is the annual rate of interest, and t is the time period
- Applying the formula for 3 years:
1.331P = P(1 + R/100)^3
1.331 = (1 + R/100)^3
(1 + R/100) = 1.331^(1/3)
(1 + R/100) = 1.1
R = 10
Therefore,
- The annual rate of interest is 10%.
- Sum becomes 33.1% more in three years under compound interest
- Interest is compounded annually
Let's Assume:
- Principal amount be P
- Annual rate of interest be R
- Time period be 3 years
Calculation:
- After 3 years, the sum becomes 33.1% more, which means the new sum is 133.1% of the principal amount (P)
- So, the new sum after 3 years = P + 0.331P = 1.331P
- Using the compound interest formula:
A = P(1 + R/100)^t
where A is the amount after t years, P is the principal amount, R is the annual rate of interest, and t is the time period
- Applying the formula for 3 years:
1.331P = P(1 + R/100)^3
1.331 = (1 + R/100)^3
(1 + R/100) = 1.331^(1/3)
(1 + R/100) = 1.1
R = 10
Therefore,
- The annual rate of interest is 10%.
Attention CAT Students!
To make sure you are not studying endlessly, EduRev has designed CAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CAT.
|
Explore Courses for CAT exam
|
|
Similar CAT Doubts
Top Courses for CATView all
A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.?
Question Description
A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.?.
A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.?.
Solutions for A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? in English & in Hindi are available as part of our courses for CAT.
Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? defined & explained in the simplest way possible. Besides giving the explanation of
A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.?, a detailed solution for A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? has been provided alongside types of A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? theory, EduRev gives you an
ample number of questions to practice A sum becomes 33.1% more in three years when invested under compound interest, interest being compounded annually. Find the annual rate of interest.? tests, examples and also practice CAT tests.
|
|
Explore Courses for CAT exam
|
|
Suggested Free Tests
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