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17 Jun 2021, 02:45
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Parikshit invests Rs. 1546 in BNP bank at a certain rate of compound interest per annum. At the end of 8 years, he finds that his money has doubled. What approximately is the rate of interest BNP bank paid him?
(A) 9%
(B) 12%
(C) 15%
(D) 16%
(E) 18%
(A) 9%
(B) 12%
(C) 15%
(D) 16%
(E) 18%
12 Jul 2021, 12:42
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priyanka9601
Ruke of 72
https://www.investopedia.com/terms/r/ruleof72.asp
You can calculate years given a rate or rate given years.
72/8=9
05 Jul 2021, 00:17
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The calculations for this are really tricky, especially without calculator. However, i used options to arrive at the solution.
Since the time taken by the amount to double is 8 years, we can safely eliminate C,D,E. Because even at simple interest, the amount will double in less than 8 years for these respective interest rates and compound interest always results in a larger amount hence would take less time to double than SI.
B, 12. Simple interest @12% will almost double in 8 years, (around 1.96times) hence we can eliminate this as well.
Now we are only left with A.
Since the time taken by the amount to double is 8 years, we can safely eliminate C,D,E. Because even at simple interest, the amount will double in less than 8 years for these respective interest rates and compound interest always results in a larger amount hence would take less time to double than SI.
B, 12. Simple interest @12% will almost double in 8 years, (around 1.96times) hence we can eliminate this as well.
Now we are only left with A.
