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Q.

At what rate per annum will Rs. 640 amount to 774.40 in 22 years, when interest is being compounded annually?


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a

10%

b

11%

c

12%

d

13% 

answer is A.

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Detailed Solution

Concept- We have provided a sum, a principal amount, and a time. The interest rate must be determined. Once a year, the interest rate is compounded.There is a relationship between quantity, principal, interest rate, and period that may be used to determine this. it serves as
Question ImageAmount (A) = 774.40 and Principal (P) = 640 have been provided.
Time(n) = 2 years
Applying the Amount formula now
Question ImageQuestion Image7744 squared equals 88.
6400 squared is equal to 80.
Question ImageHence, the correct answer is option 1.
 
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