Rs. 156.25 amounts to Rs. 297.91 in 3 years at k% p.a. compounded annu

1.	Rs. 156.25 amounts to Rs. 297.91 in 3 years at k% p.a. compounded annually. The value of k is1. 18%2. 24%3. 25%4. 12%
Answer» Correct Answer - Option 2 : 24% Given: Amount (A) = Rs. 297.91 Principal (P) = Rs. 156.25 Rate (R) = k% Time (n) = 3 years Formula used: A = P(1 + R/100)n Where A → amount P → principal R → rate n → time Calculations: A = P(1 + R/100)n ⇒ 297.91 = 156.25(1 + R/100)³ ⇒ (1 + R/100)3 = 297.91/156.25 ⇒ (1 + R/100)3 = (31/25)³ ⇒ (1 + R/100) = 31/25 ⇒ (R/100) = 6/25 ⇒ R = 24% ∴ The value of k is 24%.

Rs. 156.25 amounts to Rs. 297.91 in 3 years at k% p.a. compounded annually. The value of k is1. 18%2. 24%3. 25%4. 12%

Answer» Correct Answer - Option 2 : 24%

Given:

Amount (A) = Rs. 297.91

Principal (P) = Rs. 156.25

Rate (R) = k%

Time (n) = 3 years

Formula used:

A = P(1 + R/100)n

Where A → amount

P → principal

R → rate

n → time

Calculations:

A = P(1 + R/100)n

⇒ 297.91 = 156.25(1 + R/100)³

⇒ (1 + R/100)3 = 297.91/156.25

⇒ (1 + R/100)3 = (31/25)³

⇒ (1 + R/100) = 31/25

⇒ (R/100) = 6/25

⇒ R = 24%

∴ The value of k is 24%.

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Rs. 156.25 amounts to Rs. 297.91 in 3 years at k% p.a. compounded annually. The value of k is1. 18%2. 24%3. 25%4. 12%

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