CAT 2024 Interest Question (Medium)

Question

A certain amount of money at compound interest grows to 66,550 in 3 years and 73,205 in 4 years. The rate percent per annum is

Optima Learn · Accepted Answer

To find the compound interest rate, we need to use the relationship between consecutive years amounts. Understanding the setup the amount grows from 66,550 year 3 to 73,205 year 4 the difference between these is exactly the interest earned during the 4th year alone, which equals the rate applied to

CAT 2024 Interest — Previous Year Question

CAT 2024

Quantitative

Interest

Medium

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