A person deposited Rs. 100 in a bank and got the amount Rs. 121 for two years, the rate of compound interest per annum is: - Quantitative Aptitude MCQ Competitive Exams 2026 | ExamTest.live | ExamTest.live

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A person deposited Rs. 100 in a bank and got the amount Rs. 121 for two years, the rate of compound interest per annum is:

A $10%$
B $20%$
C $5%$
D $10 \frac{1}{2} %$

Solution & Step-by-step Explanation

Given parameters: Principal (P) = Rs. 100 Amount (A) = Rs. 121 Time (n) = 2 years The compound interest amount formula is: A = P (1 + \frac{R}{100})^{n} 121 = 100 (1 + \frac{R}{100})^{2} \frac{121}{100} = (1 + \frac{R}{100})^{2} Taking the square root on both sides: \frac{11}{10} = 1 + \frac{R}{100} \frac{R}{100} = \frac{11}{10} - 1 \frac{R}{100} = \frac{1}{10} ⟹ R = \frac{100}{10} = 10% per annum

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Try it yourself before checking the explanation above.

A person deposited Rs. 100 in a bank and got the amount Rs. 121 for two years, the rate of compound interest per annum is:

A

10%

B

20%

C

5%

D

10 \frac{1}{2} %

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