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

    Question

    Rohit deposited Rs. ‘x’ in a bank at 8% compound

    interest per annum for 3 years, compounded annually. If he earned an interest of Rs. 2,597.12, find the value of ‘x’.
    A Rs.12500 Correct Answer Incorrect Answer
    B Rs.10000 Correct Answer Incorrect Answer
    C Rs.15000 Correct Answer Incorrect Answer
    D Rs.13050 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ,

    Interest earned = x × {(1 + 0.08)³ – 1} = 2597.12

    x{(1.08)³ – 1} = 2597.12

    x{1.2597 – 1} = 2597.12

    0.2597x = 2597.12

    x = 10000

    So, the value of x is Rs. 10,000

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question