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    Question

    Vishal invests a sum of money at an annual compound

    interest rate of 6%. Over a period of 5 years, the interest accumulated amounts to Rs. 900. If he increases his initial investment by Rs. 500, what will be the total amount after 5 years at the same interest rate?
    A 4581 Correct Answer Incorrect Answer
    B 4430 Correct Answer Incorrect Answer
    C 5080 Correct Answer Incorrect Answer
    D 4160 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ;
    Let 6% = 900

    Principal = 3000

    Interest on 500 = 6 Ă— 5 = 30

    Total = (900 + 30) + 3000 + 500 = 4430

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