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    Question

    The interest earned on investing Rs. 3000 for 2 years at

    the rate of 8% p.a., compounded annually, is used to purchase an article. If the article is later sold at 25% profit, then find the selling price of the article.
    A Rs. 624 Correct Answer Incorrect Answer
    B Rs. 620 Correct Answer Incorrect Answer
    C Rs. 622 Correct Answer Incorrect Answer
    D Rs. 625 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Compound interest earned = 3000 ├Ч {1 + (8/100)}2 тАУ 3000 = 3499.2 тАУ 3000 = Rs. 499.2 So, selling price of the article = 499.2 ├Ч 1.25 = Rs. 624

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