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Compound Interest Rate Calculation

CMAT 2024 · Quantitative Techniques & Data Interpretation · Easy · Compound Interest

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A certain amount of money at compound interest grows to ₹66,550 in 3 years and ₹73,205 in 4 years. The rate percent per annum is :

  1. A.

    10 %

  2. B.

    9 %

  3. C.

    5 %

  4. D.

    11 %

Answer

A

Explanation

Interest earned in the 4th year = 73,205−66,550=6,65573,205 - 66,550 = 6,655. Rate of interest r=6,65566,550×100%=10%r = \frac{6,655}{66,550} \times 100\% = 10\%.

Hence, Option A is correct.

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