Simple & Compound Interest · Question 8 · Medium
A sum of money at compound interest amounts to ₹6,050 in 2 years and ₹6,655 in 3 years. What is the sum?
- ₹4,500
- ₹5,500
- ₹4,800
- ₹5,000
Answer and explanation
Answer: D. ₹5,000
Explanation: Interest in the 3rd year = 6,655 − 6,050 = ₹605, which is 10% of 6,050, so the rate is 10%. Sum = 6,050 ÷ 1.21 = ₹5,000.
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