ЁЯУв Too many exams? DonтАЩt know which one suits you best? Book Your Free Expert ЁЯСЙ call Now!

    Question

    Sri Gupta borrowed a sum at compound interest. What is

    the amount returned in 2 years ? I. The simple interest incurred on the sum in 1 year is 1200. II. The borrowed sum is ten times the amount earned at simple interest in two years. III. The rate of interest is 10% per annum.
    A I and either II or III Correct Answer Incorrect Answer
    B Both I and II Correct Answer Incorrect Answer
    C All I, II and III Correct Answer Incorrect Answer
    D The question cannot be answered even with the information in all three statements. Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    From I. R = 5% per annum From II. SI for 1 year = 1200 SI for 2 years = 1200 ├Ч 2 = 2400 From III. P = 10 ├Ч SI = 10 ├Ч 2400 = 24000 Now, from I and II, we get `(SI xx 100)/(P xx T)` = `((2400 xx 100)/(24000 xx 2))` = 5% Therefore amount = P `(1+5/100)` = 24000 `xx` 1.05 `xx` 1.05

    Practice Next
    More Compound Interest Questions

    Relevant for Exams:

    ask-question