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Q.

Sangeeta invested Rs.20000 in the bank for four years and got back Rs.29282 after four years then, What was the rate of interest payable annually? 


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a

5%

b

8%

c

12%

d

10% 

answer is D.

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Detailed Solution

Given that invested Rs.20000/- in the blank.
Let us assume that the principle amount of Sangeeta invested as P = 20000
We are given that she gets total of Rs. 29282/-
Let us assume that the amount she gets finally as A= 29282
Let us assume that the time period as T= 4
Now, let us assume that the rate of interest per annum as ‘R’
We know that the formula for amount in the compound interest is given as
Question Image‘A’ is the final amount we get for a certain period.
‘p’ is the principal amount
‘R’ is the rate of interest per annum
‘T’ is the time period of the investment.
Now, by using the above formula
Question ImageThere is a power of 4 on LHS. So, let us convert the RHS also as a power of 4 because we have Question Image= 14641
The value of the power 4 on 10 is 10000
Question ImageWe know that Question Image then a = b
Now, by using the theorem to above equation we get
Question ImageTherefore, the rate of interest per annum is 10%
 
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