The compound interest on Rs.4,000 after 3 year is Rs.630.50. Then the rate of interest compound yearly is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 5%
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Understanding Tricks |
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Application Rate = time√Principle = time√Amount So Rate = 3√4000 = 3√4630.5 ⇒ 3√800 = 3√926.1 ⇒ 3√8000 = 3√9261 ⇒ 20 = 21 |
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Now Difference = 1 So Rate = 1/20 × 100 = 5% |