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Srinivasan Amin
Asked: 2022-11-10T21:51:37+05:30 In:

A sum invested at compound interest amounts to Rs. 3,136 in two years and Rs. 3,512.32 in 3 years at a certain rate percentage per annum, when the interest is compounded annually. What will the same sum amount to at the same rate in 8/3 years, interest compounded annually (nearest to one rupee)?
1. Rs. 3,387
2. Rs. 3,378
3. Rs. 3,487
4. Rs. 3,478

A sum invested at compound interest amounts to Rs. 3,136 in two years and Rs. 3,512.32 in 3 years at a certain rate percentage per annum, when the interest is compounded annually. What will the same sum amount to at the same rate in 8/3 years, interest compounded annually (nearest to one rupee)?
1. Rs. 3,387
2. Rs. 3,378
3. Rs. 3,487
4. Rs. 3,478
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1 Answer

  1. Correct Answer – Option 1 : Rs. 3,387

    Given:

    Amount (A1) = Rs.3136

    Time = 2years

    Amount (A2) = Rs.3512.32

    Time = 3 years

    By using Ratio method

    Rate = 12% = 3/25

    25               ∶          28

    25               ∶          28

    25               ∶          27                       (for 3rd year = (3/25) × (2/3) = 2/25)

    15625        ∶         21168

    Now,

    15625 = 2500

    1 = 2500/15625

    1 = 0.16

    21168 = 0.16 × 21168

    ⇒ 3386.88

    ≈ 3387

    ∴ The New amount will be Rs.3387

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