CAT 2021 Slot 1

CAT 2021 Exam Question Papers Slot 1 | CAT Quants​

CAT Quantitative Aptitude | CAT 2021 Question Papers​

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All CAT 2021 Quantitative aptitude questions have detailed answer keys and solutions provided by our experts. Watch the videos below to learn the fastest ways to answer the questions:

10).

Anil invests some money at a fixed rate of interest, compounded annually. If the interests accrued during the second and third year are ₹ 806.25 and ₹ 866.72, respectively, the interest accrued, in INR, during the fourth year is nearest to

  1. Rs 931.72

  2. Rs 926.84

  3. Rs 929.48

  4. Rs 934.65


Explanation

Let the rate of interest is r % per annum

The interest accrued during the second year = ₹ 806.25

The interest accrued during the third year = ₹ 866.72

The extra interest in the third year = 866.72 – 806.25 = ₹ 60.47 is the interest for one year on

the second year interest

  60.47 = fraction numerator 806.25 cross times r cross times 1 over denominator 100 end fraction   = >  r = 7.5%

Interest for the fourth year = Interest for third year + interest for one year on third year interest

                                                 = 866.72 + fraction numerator 866.72 cross times 7.5 cross times 1 over denominator 100 end fraction  

                                                       = 866.72 + 65 =  ₹  931.72 approximately     

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