The rate of compound interest at which a sum of 8000 amounts to 8820 in 2 years is
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Solutions for A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free. Here you can find the meaning of A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer?, a detailed solution for A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice A sum of Rs. 8000 will amount to Rs. 8820 in 2 years if the interest is calculated every year. The rate of compound interest is:a)6%b)7%c)3%d)5%Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CLAT tests. Q. A sum of 8000 Rs. will amount to 8820 Rs. in 2 years if the interest is calculated every year. The rate of compound interest is: A. 6% B. 7% C. 3% D. 5% Solution(By Examveda Team)$$\eqalign{ & {\text{Principal = Rs 8000}} \cr & {\text{Amount = Rs 8820}} \cr & {\text{Let Rate = }}R \cr & {\text{Time = 2 years}} \cr & {\text{By using formula, }} \cr & \Rightarrow 8820 = 8000{\left( {1 + \frac{R}{{100}}} \right)^2} \cr & \Rightarrow \frac{{8820}}{{8000}} = {\left( {1 + \frac{R}{{100}}} \right)^2} \cr & \Rightarrow \frac{{441}}{{400}} = {\left( {1 + \frac{R}{{100}}} \right)^2} \cr & {\text{Taking square root of both sides,}} \cr & \Rightarrow \frac{{21}}{{20}} = \left( {1 + \frac{R}{{100}}} \right) \cr & \Rightarrow R = 5\% \cr} $$ Free CT : General Intelligence and Reasoning (Practice Set) 10 Questions 20 Marks 8 Mins GIVEN: Principal = Rs.8000 Amount after 2 years = Rs.8820 CONCEPT: As interest is compounded annually for 2 years, we have to square root both principal and amount and compare them to find the interest. FORMULA USED: Amount = Principal (1 + Rate/100)t CALCULATION: Let, the rate of interest be r% Accordingly, 8000 × (1 + r/100)2 = 8820 ⇒ 8820/8000 = (1 + r/100)2 ⇒ 441/400 = (1 + r/100) ⇒ 21/20 = 1 + r/100 ⇒ r/100 = 1/20 ⇒ r = 5 ∴ Rate of Interest is 5% per annum. Last updated on Nov 16, 2022 SSC CGL 2021 Skill Test Dates Announced! The Skill Test will be taking place on 4th and 5th January 2023. The SSC CGL Application Status for all Regions and SSC CGL Admit Card for NER, WR, NWR, CR & MPR Regions is active. Candidates can log in to the regional website of SSC and check their application status. SSC CGL 2022 Tier I Prelims Exam will be conducted from 1st to 13th December 2022. The SSC CGL 2022 Notification was out on 17th September 2022. The SSC CGL Eligibility is a bachelor’s degree in the concerned discipline. This year, SSC has completely changed the exam pattern and for the same, the candidates must refer to SSC CGL New Exam Pattern. Ace your Interest preparations for Compound Interest with us and master Quantitative Aptitude for your exams. Learn today! At what rate percent per annum will 8000 amount to 10000 in 2 years?We are given that Rs. 8,000 amounts to Rs. 10,000 in two years. Assume the interest is calculated compounded annually. Therefore, rate of interest is 11.8% per annum.
At what rate of interest will Rs 8000 amounts to Rs 8800 after 2 years?At the rate of interest 5% 8000 become 8800 after 2 years.
At what rate percent per annum compound interest will 8000 amount to 8820 in six months the interest being compounded quarterly?∴ Rate of Interest is 5% per annum.
What will be the compound interest when amount of Rs 8000 is deposited for 2 years at the rate of 5% per annum?Detailed Solution
1240 is the compound interest earned.
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