Question

A sum of money invested at compound
interest amounts to Rs.21,632 at the end of
second year and Rs.22,497.28 at the end of
third year. Find the rate of interest and the
eum invested?

Answer 1

Answer:

Let the sum be Rs. x

\therefore 1352=x\left ( 1+\frac{4}{100} \right )^{2}

=>1352=x\left ( 1+\frac{1}{25} \right )^{2}

=>1352=x\left ( \frac{26}{25} \right )^{2}

=>x=\frac{1352\times 25\times 25}{26\times 26}

=>x=Rs. 1250

Hence option [A] is the right answer.