What is the interest rate per annum, if a sum of money invested at compound inte

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Question
What is the interest rate per annum, if a sum of money invested at compound interest amount to Rs. 2400 in 3 years and in 4 years to Rs. 2,520?
Options
A. 3.5%
B. 4%
C. 5%
D. 6.5%

Correct Answer

5%

Explanation

Let 'R%' be the rate of interest

From the given data,

$\frac{2520}{2400} = \frac{{(1 + \frac{R}{100})}^{4}}{{(1 + \frac{R}{100})}^{3}} ? (1 + \frac{R}{100}) = \frac{63}{60} ? R = 5$

Hence, the rate of interest R = 5% per annum.

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Compound Interest problems

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1. Find the compound interest on Rs. 6,500 for 4 years if the rate of interest is 10% p.a. for the first 2 years and 20% per annum for the next 2 years?
Options
A. Rs. 3845
B. Rs. 4826
C. Rs. 5142
D. Rs. 4415

2. Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is:
Options
A. Rs.1550
B. Rs.1650
C. Rs,1750
D. Rs.1850

3. The present worth of Rs.169 due in 2 years at 4% per annum compound interest is
Options
A. Rs.156.25
B. Rs.150
C. Rs.140
D. Rs125.25

4. A certain sum is invested for 2 years in scheme M at 20% p.a. compound interest (compounded annually), Same sum is also invested for the same period in scheme N at k% p.a. simple interest. The interest earned from scheme M is twice of that earned from scheme N. What is the value of k?
Options
A. 7
B. 11
C. 9
D. 13

5. Compound interest on a certain sum of money at 20% per annum for 2 years is Rs.5995. What is the SI on the same money at 8% per annum for 6 years ?
Options
A. Rs. 5989
B. Rs. 6540
C. Rs. 7844
D. Rs. 6789

6. A sum is equally invested in two different schemes on CI at the rate of 15% and 20% for two years. If interest gained from the sum invested at 20% is Rs. 528.75 more than the sum invested at 15%, find the total sum?
Options
A. Rs. 7000
B. Rs. 4500
C. Rs. 9000
D. Rs. 8200

8. What is the difference between the compound interests on Rs. 5000 for 11?2 years at 4% per annum compounded yearly and half-yearly?
Options
A. Rs. 1.80
B. Rs. 2.04
C. Rs. 3.18
D. Rs. 4.15

9. At a certain rate of interest the compound interest of 3 years and simple interest of 5 years for certain sum of money is respectively Rs. 1513.2 and Rs. 2400. Find the common rate of interest per annum ?
Options
A. 5%
B. 6%
C. 4%
D. 3%

10. What will be the compound interest on a sum of Rs.25,000 after 3 years at the rate of 12 p.c.p.a?
Options
A. Rs.10123.20
B. Rs.12100
C. Rs.12552
D. Rs.12665

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