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A sum of money compounded annually amounts to Rs.1375 in 5 years and Rs.1980 in 7 years. Find the annual rate of interest

Option 1)

12%

Option 2)

20%

Option 3)

11%

Option 4)

10%

Option 5)

15%

Answers (1)

best_answer

Amount of 5 years = 1375 Rs.

Amount of 7 years = 1980 Rs.

Difference = 1980 -1375 = 605

Then $CI = P \left [ 1+\frac{r}{100} \right ]^{2}$

$605 = 1375 \left [ 1 + \frac{r}{100} \right ]^{2}$

R= 20 %

Posted by

rishi.raj

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