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At what rate percent will a sum of Rs. 1000 amounts to Rs. 1102.50 in 6 months at C.I. If interest is compounded quarterly?

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10 %

8 %

15 %

20 %

answer is D.

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Detailed Solution

$1000 {[1 + \frac{\frac{R}{4}}{100}]}^{2} = 1102.50$

$1000 [\frac{100 + \frac{R}{4}}{100}] \times [\frac{100 + \frac{R}{4}}{100}] = 1102.50$

${(100 + \frac{R}{4})}^{2} = 11025$

${(400 + R)}^{2} = {(105)}^{2} \times {(4)}^{2}$

R=420-400

$R % = 20 %$

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