CAT 2021 Slot 1 · Quant · Question 21
CAT 2021 Slot 1 previous year question on Simple Interest and Compound Interest, with the answer and a step-by-step solution.
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 ₹, during the fourth year is nearest to
- A931.72
- B926.84
- C929.48
- D934.65
Pick an option, then check.
Answer & solution
Answer: Option A
The rate is \frac{866.72-806.25}{806.25}\times 100=7.5\%.
The fourth-year interest is 866.72\times 1.075\approx 931.72.
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