New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    When invested at x% p.a. simple interest for 16 years,

    Rs. 'p' becomes five times its own value. Determine the value of "p" if Rs. (p + 240) invested at (x + 25)% p.a. compound interest, compounded annually for two years, becomes Rs. 6480.
    A 2250 Correct Answer Incorrect Answer
    B 1250 Correct Answer Incorrect Answer
    C 2640 Correct Answer Incorrect Answer
    D 2450 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ, (p × 16 × x)/100 = 5p – p Or, x = 400/16 = 25 Therefore, (x + 25)% = 50% Or, (p + 240)(1 + 50/100)2 = 6480 Or, 2.25(p + 240) = 6480 Or, p + 240 = 2880 Or, p = 2640

    Practice Next

    Relevant for Exams: