Compound Interest - Quantitative Aptitude (MCQ) questions for Q. 79

Q.  A sum of money becomes Rs 13,380 in 3 years and Rs 20,070 in 6 years at compound interest. The initial sum is?
- Published on 12 Jun 15

a. Rs 9040
b. Rs 8900
c. Rs 8920
d. Rs 9160

ANSWER: Rs 8920
 
Use the formula Amount = Principal Amount(1 + R/100)n

Where r is rate and t is time in years

=>13,380 = P(1+R/100)2 --(1)

=>20,070 = P(1+R/100)6 --(2)

=> 1.5 = (1+R/100)4

=> P = Rs 8920

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