Rohini invests ₹57,500 in a bank. If the interest rate in the first year is 6%…
2026
Rohini invests ₹57,500 in a bank. If the interest rate in the first year is 6% per annum and in the second year it is 2% higher than the first year, find the compound interest received in two years (compounded annually).
Answer: C. 8,326 — Step 1: Identify the rates for each year. Principal (P) = ₹57,500 Rate for Year 1 (R₁) = 6% Rate for Year 2 (R₂) = 6% + 2% = 8% Step 2: Calculate the total…
- A.
1,976
- B.
8,126
- C.
8,326
- D.
8,576
Attempted by 66 students.
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Correct answer: C
Step 1: Identify the rates for each year.
Principal (P) = ₹57,500
Rate for Year 1 (R₁) = 6%
Rate for Year 2 (R₂) = 6% + 2% = 8%
Step 2: Calculate the total amount after 2 years.
Amount (A) = P × (1 + R₁/100) × (1 + R₂/100)
A = 57,500 × (106/100) × (108/100)
A = 57,500 × 1.06 × 1.08 = ₹65,826
Step 3: Calculate the Compound Interest (CI).
CI = Amount (A) - Principal (P)
CI = 65,826 - 57,500 = ₹8,326
Final Answer: Option 3