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UP TGT Mathematics Commercial Mathematics Test Series - Part 3

Find the sum of money which amounts to Rs. 7,396 in 2 years and Rs. 7,950.70 in 3 years at compound interest.

Type: MCQ • Marks: 1
Find the sum of money which amounts to Rs. 7,396 in 2 years and Rs. 7,950.70 in 3 years at compound interest.
Options
A. 1) Rs. 6,800
B. 2) Rs. 6,600
C. 3) Rs. 6,500
D. 4) Rs. 6,400
Explanation
Rate R = (7950.70 - 7396) / 7396 * 100 = 554.70 / 7396 * 100 = 7.5% p.a. P * (1.075)^2 = 7396 => P * (43/40)^2 = 7396 => P * 1849 / 1600 = 7396 => P = 4 * 1600 = Rs. 6,400.
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