Prashanth borrows a sum at compound interest and
it amounts to 1,38,240 at the end of three years and
to 1,99,065.60 at the end of five years. What is the
sum borrowed?
(A) 76,000
(B) 80,000
(C) 90,000
(D) 196,000
Answers
Given : Prashanth borrows a sum at compound interest and it amounts to 1,38,240 at the end of three years and
to 1,99,065.60 at the end of five years.
To Find : What is the sum borrowed?
(A) 76,000
(B) 80,000
(C) 90,000
(D) 196,000
Solution:
Amount Borrowed = P
Rate of intereset = r
n = time period
A = P(1 + r/100)ⁿ
A after 3 years = 138240
=> P (1 + r/100)³ = 138240
A after 5 years = 199065.60
=> P (1 + r/100)⁵ = 199065.60
=> (1 + r/100)⁵/ (1 + r/100)³ = 199065.60 / 138240
=> (1 + r/100)² = 199065.60 / 138240
=> (1 + r/100)² = 1.44
=> 1 + r/100 = 1.2
=>( 1 + r/100)³ = 1.2³
=> ( 1 + r/100)³ =1.728
P (1 + r/100)³ = 138240
=> P(1.728) = 138240
=> P = 80,000
Sum borrowed = Rs 80000
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Answer:
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