Multiple choice

If the compound interest on an amount of Rs.29000 in two years is Rs.9352.5, what is the rate of interest?

  1. 11

  2. 9

  3. 15

  4. 18

  5. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Principal = 29000, CI = 9352.5, Amount = 29000 + 9352.5 = 38352.5. For 2 years: 38352.5 = 29000(1 + r/100)². (1 + r/100)² = 38352.5/29000 = 1.3225. 1 + r/100 = √1.3225 = 1.15. r = 15%. Option C is correct.

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