A man invested a sum of money at compound interest. It amounted to Rs. 2420 in 2 years and to Rs. 2662 in 3 years. Find the sum.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. RS. 2000
| Application |
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R% = (2662 - 2420)/2420 × 100 (242/2420) × 100 = 10% 2 years CI% = 10 + 10 + (10 × 10)/100 = 21 % So, 121% = 2420 1% = 2420/121 100% = (2420/121) × 100 = 2000 |