A person borrowed a sum of Rs 30800 at 10%p.a. for 3 years , interest compounded annually .At the end of two years, he paid a sum of Rs13268. At the end of 3rd year, he paid Rs x to clear of the debt. What is the value of x?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 26400
A = P(1 + r/100)t
After 2 years amount will be = 30800 × 11/10 × 11/10 = 37268
He paid =13268
sum now = 37268 - 13268 = 24000
Amount after one year = 24000 × 11/10 = 26400