Prabhat invested Rs64,000 at 5%p.a. for 3 years compounded annually. Calculate his amount after 3 years and the compound interest he gets.
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Correct option is A)
C.I. for the third year = Rs. 1,452.
C.I. for the second year = Rs. 1,320
∴ S.I on Rs. 1,320 for one year = Rs. 1,452− Rs. 1,320= Rs. 132.
Rate of interest =
1,320
132×100
=10%.
Let the original money be Rs. P.
Amount after 2 year − amount after one year =C.I. for second year.
P(1+
100
10
)
2
−P(1+
100
10
)=1,320
P[(
100
110
)
2
−
100
110
]=1,320
⇒P[(
10
11
)
2
−
10
11
]=1,320⇒P(
100
121
−
10
11
)= Rs. 1,320
⇒P×
100
11
=Rs.1,320⇒P=
11
1,320×100
= Rs. 12,000
∴ Rate of interest =10%
and Original sum of money = Rs. 12,000
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