Multiple choice

If the compound interest on sum of Rs. $29000$ for $2$ years is Rs. $9352.5$ Find the rate of interest.

  1. $10$
  2. $12$
  3. $15$
  4. $18$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Using the compound interest formula A = P(1 + r/100)^n, where A = 29000 + 9352.5 = 38352.5. 38352.5 / 29000 = (1 + r/100)^2. 1.3225 = (1 + r/100)^2. sqrt(1.3225) = 1.15, so r = 15%.

AI explanation

Using the compound interest formula, the amount is the principal plus the interest, which is 29000 plus 9352.5, equaling 38352.5. The formula gives 38352.5 equal to 29000 multiplied by 1 plus R divided by 100, with the bracket squared. Dividing 38352.5 by 29000 yields 1.3225, which is the square of 1.15. This means 1 plus R divided by 100 equals 1.15, so the rate of interest is 15%.

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