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

    Question

    A invested Rs. ‘x’ in a scheme offering compound

    interest of 20% p.a. compounded annually. If at the end of 2 years, interest received by A was Rs. (x – 4480), then find the value of ‘x’.
    A 12240 Correct Answer Incorrect Answer
    B 10040 Correct Answer Incorrect Answer
    C 10240 Correct Answer Incorrect Answer
    D 10200 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    According to the question, x – 4480 = x × 1.25 × 1.25 – x Or, 0.4375x = 4480 Or, x = 10240

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