New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The certain sum amounts to Rs 9,982.50 in 2(1/2) years

    at 12% p.a., interest compounded 10-monthly. The sum (in Rs) is:
    A 8,500 Correct Answer Incorrect Answer
    B 7,800 Correct Answer Incorrect Answer
    C 8,000 Correct Answer Incorrect Answer
    D 7,500 Correct Answer Incorrect Answer

    Solution

    2 (1/2) years = 30 months   [As 1 year = 12 months] So, t = 30/10 = 3 r = (12/12) × 10 = 10% Let the sum be Rs. P Now, 9982.5 = P(1 + 10/100)3 ⇒ 9982.5 = P(1 + 1/10)3 ⇒ 9982.5 = P(11/10)3 ⇒ 9982.5 = 1331P/1000 ⇒ P = 9982.5 × (1000/1331) ⇒ P = 7500 So, sum = Rs. 7500 ∴ The sum (in Rs.) is Rs 7500.

    Practice Next

    Relevant for Exams: