At what rate of compound interest per annum will a sum of Rs. 3200 become Rs. 3698 in 2 years?

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16 Jan 2017 Rate of Interest

At what rate of compound interest per annum will a sum of Rs. 3200 become Rs. 3698 in 2 years?

OPtion

1) 6.75 %
2) 6.8 %
3) 6.9 %
4) 7.0 %
5) 7.1 %
6) 7.2 %
7) 7.3 %
8) 7.4 %
9) 7.5 %
10)None of these

Solution

Amount = P (1 + r/100)^T
P=3200, T= 2, A = 3698, r=?
3698 = 3200(1+r/100)^2
=> 1849/1600 = (1+r/100)^2
=> 1+r/100 = 43/40
=> r = 7.5%
Option 9)

Correct Option: 9 Best Solution (13)

G.S.Kantharao   7 years AGO

A=P(1+R/100)^n
(1+R/100)² = 3698/3600 = 1.155625
(1+R/100) = √1.15562-5 =1.075
R/100 = 1.075-1 = 0.075
R=7.5
Hence the right option is 9.

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aakash singhal   7 years AGO

a=p(1+r/100)^n
a=3698,p=3200,n=2
3698=3200(1+r/100)^2
3698/3200=1+r/100
answers=7.5

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amit kumar   7 years AGO

p=3200.A=3698 apply formula A=P(1+R/100)^n where n =2 and r= rate of intrest putting the values we get R=7.5%

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Mukund Manohar   7 years AGO

Let the rate be R%
3200(1 + R/100)^2 = 3698
=> 107.5 - 100 = R
Rate = 7.5%

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Nitish kesarwani   7 years AGO

P =3200 A =3698 yrs = 2
For A =p*(1+r/100)^2
So r= 7.5

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Pabitra Paul   7 years AGO

we have to find r
so 3200(1+r/100)^2=3698
after calculating we get r =7.5%

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Athulya   7 years AGO

P=3200 A=3698 CI=3698 - 3200=498
check with the options
taking 7.5% its for 2 years so using the formula
x + y +xy/100 --> 7.5+7.5+7.5*7.5/100
15.0+56.25/100--->15.0+0.56-->15.56%
15.56% of 3200 gives 497.92 approx 498

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Ajay Sharma   7 years AGO

In compound interest==> amount=principal(1+r/100)^n
here amount=3698,principle=3200
n=time and r=rate
so, 3698=3200(1+r/100)^2
solving this we get,r=15/2==7.5%

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phani krishna   7 years AGO

A=P(1+r/100)^n
on applying this formula we get r=7.5%
where A=3698, P=3200, n=2yrs

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MOHAMMED JAFFAR   7 years AGO

Deposited Amount 3,200

1st Year = 3,200*7.5% (240) = 3,440
2nd Year = 3,440*7.5% (258) = 3,698

Compound Interest Rate per Annum is 7.5%

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UTTAM SINGH   7 years AGO

if in one year the interest is increases by 7.5% then it becomes=3200*7.5/100=3440
then if we will calculate the interest on it in one year then it will be=3440/100=34.40
now by giving 7.5% interest it becomes=7.5*34.40=258
therefore total in two year =3440+258=3698

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Tapas Budhani   7 years AGO

Its Simple ,
Formula for compound interest is
A=P (1+r)^nt
Future amount A is given in que ie 3698
P=3200
t=2 years
n=1 since it is compounded annually .
So we can evaluate the value of r through above eq

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Rakesh   7 years AGO

sum(1+rate/100)^time=amount
3200(1+rate/100)^2=3698
rate=7.5

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