Rs. 2178 is received when a certain sum of money is kept at 10% rate o

1.	Rs. 2178 is received when a certain sum of money is kept at 10% rate of compound interest for two years. What will be the amount received if the same amount is kept at 5% rate of compound interest for two years?1. Rs. 1984.52. Rs. 2984.53. Rs. 1584.54. Rs. 2584.5
Answer» Correct Answer - Option 1 : Rs. 1984.5 Given: A = Rs. 2178 N = 2 Years R₁ = 10% p.a. R₂ = 5% p.a. Formula used: A = P × {1 + (R/100)}^N Where P = Principal amount, R = Rate of interest in %, N = Number of years Calculation: According to formula, 2178 = P × {1 + (10/100)}² ⇒ 2178 = (P × 11 × 11)/100 ⇒ P = (2178 × 100)/121 ⇒ P = 1800 Now at 5% rate of interest A = 1800 × {1 + (5/100)}² ⇒ A = (1800 × 21 × 21)/400 ⇒ A = 1984.5 ∴ Received amount will be Rs. 1984.5.

Rs. 2178 is received when a certain sum of money is kept at 10% rate of compound interest for two years. What will be the amount received if the same amount is kept at 5% rate of compound interest for two years?1. Rs. 1984.52. Rs. 2984.53. Rs. 1584.54. Rs. 2584.5

Answer» Correct Answer - Option 1 : Rs. 1984.5

Given:

A = Rs. 2178

N = 2 Years

R₁ = 10% p.a.

R₂ = 5% p.a.

Formula used:

A = P × {1 + (R/100)}^N

Where P = Principal amount, R = Rate of interest in %, N = Number of years

Calculation:

According to formula,

2178 = P × {1 + (10/100)}²

⇒ 2178 = (P × 11 × 11)/100

⇒ P = (2178 × 100)/121

⇒ P = 1800

Now at 5% rate of interest

A = 1800 × {1 + (5/100)}²

⇒ A = (1800 × 21 × 21)/400

⇒ A = 1984.5

∴ Received amount will be Rs. 1984.5.

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Rs. 2178 is received when a certain sum of money is kept at 10% rate of compound interest for two years. What will be the amount received if the same amount is kept at 5% rate of compound interest for two years?1. Rs. 1984.52. Rs. 2984.53. Rs. 1584.54. Rs. 2584.5

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