Question
Easy
A sum of ₹ 8000 becomes ₹ 9500 at 7.5% p.a. in x years at simple interest. What will be the amount of the sum in same time at 20% p.a, if interest is compounded yearly ?
1
₹ 13824
2
₹ 11616
3
₹ 12144
4
₹ 12672
Question Details
Time to Solve: 12
Exam: CTET
Level/Paper: CTET_P2
Chapter: Finance
Topic: Simple & Compound Interest
Correct Answer
Option D
Explanation
To determine why Option 4 (₹ 12672) is the correct answer, we need to follow these steps: ### Step 1: Calculate the Time Period (x years) for Simple Interest Given: - Principal (P) = ₹ 8000 - Amount (A) = ₹ 9500 - Rate of Interest (R) = 7.5% p.a. Using the formula for simple interest: \[ A = P + \frac{P \times R \times T}{100} \] Substitute the given…Read More
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