πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!


    Question

    A invest Rs. X at 10% compound interest for 3 years. If

    difference between the interest of 3rd year and 2nd year is Rs. 1210, find the value of X.
    A 132000 Correct Answer Incorrect Answer
    B 125000 Correct Answer Incorrect Answer
    C 110000 Correct Answer Incorrect Answer
    D 84000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let the sum invested be 1000k. Amount after 1 year = 1000k Γ— 1.1 = 1100k Sum after 2 years = 1100k Γ— 1.1 = 1210k Interest of 2nd year = 1210k – 1100k = 110k Sum after 3 years = 1210k Γ— 1.1 = 1331k Interest of 3rd year = 1331k – 1210k = 121k => 121k – 110k = 1210 β‡’ 11k = 1210 β‡’ k = 110 Hence, X = 1000 Γ— 110 = Rs. 110000

    Practice Next
    More Compound Interest Questions
    ask-question

    Not sure which exam is best for you Talk to our expert

    Get My Free Call