CUET Preparation Today
Mithali has an initial investment of ₹10 lakh in an investment plan. After 7 years it has grown to ₹ 16 lakh. The rate of return for the period is : |
160% 260% 60% 30% |
60% |
The correct answer is Option (3) → 60% The compound interest, $A=P(1+r)^t$ $⇒(\frac{A}{P})=(1+r)^t$ $⇒(\frac{16}{10})=(1+r)^7$ $⇒1.6=(1+r)^7$ $⇒1+r=(1.6)^{\frac{1}{7}}$ $⇒r=60\%$ |
