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Discussion :: IBPS BANK EXAM TEST 2

  1. The compound interest accrued in 2 years on a principal of Rs.15,800 is Rs.7716.72. What is the rate of interest p.c.p.a?
    2. A.

    22
    B.

    16
    C.

    16
    D.

    Cannot be determined
    E.

    None of these

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    Answer : Option A

    Explanation :

    A = P(1+R/100)T
    => 15800 + 7716.72 = 15800(1+R/100)2
    => 23516.72 = 15800(1+R/100)2
    => 23516.72/15800 = (1+R/100)2
    => 148.84/100 = (1+R/100)2
    => 12.2/10 = 1+R/100
    => R/100 = 2.2/10
    => R = (2.2/10)*100
    22% per annum

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