What will be the Sum? If

The compound interest on a certain sum of money for 2 years at 5% is ₹ 328, then the sum is

  1. ₹ 3000
  2. ₹ 3600
  3. ₹ 3200
  4. ₹ 3400
Manish Listener Asked on 16th July 2015 in Maths.
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1 Answer(s)

Answer: (3)  Rs.3200
Explanation:-
Let be the sum is Rs.X
Formula-
Compound interest = P[(1 + R/100)T – 1]
Where, P = principal,  R = rate,   T = time.
According to the question,
X[(1 + 5/100)2 – 1 ] = 328
X[(1 + 1/20)2 – 1] = 328
X[(20 + 1)2/400 – 1] = 328
X(441 – 400)/400  = 328
41X/400 = 328
X = 328 x 400/41
X = 3200
Hence, the answer is (3) Rs.3200.

Anurag Mishra Professor Answered on 16th July 2015.
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