Question

The compound interest on a sum of money for the 1st year and the 2nd year is Rs. 300 and Rs. 390 respectively. Find the sum of money. a. Rs. 1200 b. Rs. 800 c. Rs. 1000 d. Rs. 900

Answer 1

Step-by-step explanation:

Let the sum borrowed be Z. Then,

(Zx6x2⁄100) + (Zx9x3⁄100) + (Zx14x4⁄100) = 11400

Therefore, 3Z⁄25 + 27Z⁄100 + 14Z⁄25) = 11400

? 95Z⁄100 = 11400

Z = (11400x100⁄95) = 12000