If a sum of money compounded annually becomes 1.44 times of itself in 2 years, then rate of interest

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6.Interest

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If a sum of money compounded annually becomes $1.44$ times of itself in $2$ years, then the rate of interest per annum (In $\%$) is

A

$25$

B

$22$

C

$21$

D

$20$

Solution

(d) $A=P\left(1+\frac{R}{100}\right)^{T} \Leftrightarrow 1.44 P=P\left(1+\frac{R}{100}\right)^{2}$

$\Rightarrow \quad(1.2)^{2}=\left(1+\frac{R}{100}\right)^{2}$

$\Rightarrow 1+\frac{R}{100}=1.2 \Leftrightarrow R=0.2 \times 100=20 \%$

Standard 13

Quantitative Aptitude

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