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Discussion :: IBPS BANK EXAM TEST 6

  1. The compound interest accrued on a sum of Rs. 7500 in two years is Rs. 927. What would be the rate of interest p.c.p.a ?
    2. A.

    5.4%
    B.

    8%
    C.

    6%
    D.

    8.4%
    E.

    5%

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    Answer : Option C

    Explanation :

    A = P (1 + R/100)T
    => 7500 + 927 = 7500(1 + R/100)2
    => 8427/7500 = (1 + R/100)2
    =>(1+ R/100)2 = 2809/2500 = (53/50)2
    => (1+ R/100) = 53/50
    => R/100 = 53/50 - 1
    => R = 3/50 *100 = 6%per annum

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