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      Question

      A certain amount was deposited at compound interest of x%

      per annum, compounded annually. It grows to Rs. 6400 in 2 years and Rs. 9216 in 3 years. Determine the value of β€˜x’.
      A 35 Correct Answer Incorrect Answer
      B 28 Correct Answer Incorrect Answer
      C 44 Correct Answer Incorrect Answer
      D 41 Correct Answer Incorrect Answer

      Solution

      ATQ,

      Let the principal amount = Rs. A

      We have, A Γ— {1 + (x/100)}Β² = 6400

      And, A Γ— {1 + (x/100)}Β³ = 9216

      So, 9216 Γ· 6400 = [A Γ— {1 + (x/100)}Β³] Γ· [A Γ— {1 + (x/100)}Β²]

      Or, 1.44 = {1 + (x/100)} = (100 + x)/100

      Or, 100 + x = 144

      So, x = 44

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