Rs. 6000 amounts to Rs. 7986 in 3 years at CI. The rate of interest is :
Posted on 28-04-2023
Ques - Rs. 6000 amounts to Rs. 7986 in 3 years at CI. The rate of interest is :
(a) 20%
(b) 10%
(c) 6%
(d) 7.5%
Solution -
Given,
A = 7986
P = 6000
T = 3 years
R = ?
A = P (1 + (r/100))n
7986 = 6000 (1 + (r/100))3
7986 / 6000 = (1 + (r/100))3
1.331 = (1 + (r/100))3
(1.331)1/3 = (1 + (r/100))
1.1 = (100 + r) / 100
1.1 × 100 = 100 + r
110 - 100 = r
r = 10
Therefore,
The rate of interest is 10%.
Hence,
The correct answer is option (b) 10%.
Thank You