Question
A sum of money invested at compound interest amounts to Rs. 4624 in 2 years and to Rs. 4913 in 3 ye3ars. The sum of money is :
Answer: Option A
Was this answer helpful ?
S.I. on Rs. 4624 for 1 year = Rs. (4913 - 4624 ) = Rs. 289.
`:.` Rate = `((100 xx 289)/(4624 xx 1))`% = `25/4`% = `6 1/4`%
Now, `x(1 + (25)/(4 xx 100))^2 = 4624`
or ` x xx 17/16 xx 17/16 = 4624`
`:.` `x = (4624 xx 16/17 xx 16/17)` = Rs. 4096.
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution