ABC26GN4144 · Compound Interest
Subject: General Aptitude · Chapter: Compound Interest · Exam: · Marks: · Difficulty:
The compound interest on ₹ 20,480 at $6 \frac{1}{4}$ \% per annum for 2 years 73 days, is
(a)₹ 2929
(b)₹ 3000
(c)₹ 3131
(d)₹ 3636
Answer
Explanation
Time $=2 \frac{73}{365}$ years $=2 \frac{1}{5}$ years. $$\begin{aligned} \therefore \text { Amount } & =₹\left[20480 \times\left(1+\frac{25}{4 \times 100}\right)^{2}\left(1+\frac{\frac{1}{5} \times \frac{25}{4}}{100}\right)\right] \\ & =₹\left(20480 \times \frac{17}{16} \times \frac{17}{16} \times \frac{81}{80}\right)=₹ 23409 . \\ \therefore \quad \text { C.I. } & =₹(23409-20480)=₹ 2929 . \end{aligned}$$
Explanation as extracted from the printed page; notation may be imperfect.
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