📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Ajay invested a sum of money, represented as Rs. 'x', in

    a financial plan that yields a 10% annual compound interest. After three years, the total interest accrued amounted to Rs. 3,641. Determine the initial amount 'x' that Ajay invested.
    A Rs. 10,000 Correct Answer Incorrect Answer
    B Rs. 10,500 Correct Answer Incorrect Answer
    C Rs. 11,000 Correct Answer Incorrect Answer
    D Rs. 11,500 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest earned by Ajay = x × {(1 + 0.10)3 – 1} = 3641 x{(1.1)3 – 1} = 3641 0.331x = 3641 x = 11000 So, the value of x is Rs. 11,000 Hence, option c.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question