ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A sum of money invested at 8% per annum amounts to Rs 12122 in 2 years. What will it amount to in 2 years 8 months at 9% per annum?
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12958
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12959
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12957
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12956
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Explanation:
Detailed explanation-1: -Here, simple interest rate per annum is 8%, the time is 2 years and the final amount is Rs. 12122. Thus, the initial principal balance in hand is Rs. 10, 450.
Detailed explanation-2: -A sum of money invested at 8% per annum amounts to Rs. 12, 122 in years.
Detailed explanation-3: -Rate=8% p.a. Solution: The required sum is Rs. 1100.
There is 1 question to complete.