New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    If an amount of Rs. 'x' is invested at an annual

    compound interest rate of 20%, it grows to Rs. 'x + 2200' after 2 years. Calculate the value of 'x + 2200'.
    A 5000 Correct Answer Incorrect Answer
    B 6000 Correct Answer Incorrect Answer
    C 8400 Correct Answer Incorrect Answer
    D 7200 Correct Answer Incorrect Answer
    E 9400 Correct Answer Incorrect Answer

    Solution

    ATQ; (x + 2200) = x × {1 + (20/100)}2 (x + 2200) = x × (1.2)2 Or, x + 2200 = 1.44x Or, 2200 = 0.44x So, x = (2200/0.44) = 5000 Therefore, x + 2200 = 5000 + 2200 = 7200 Hence, option d.

    Practice Next

    Relevant for Exams: