Question
Download Solution PDFA sum becomes Rs. 7436 in two years when interest is compounded annually at the rate of 4% per annum. What was the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A = Rs. 7436
R = 4%
T = 2 years
Concept used:
A = P x [1 + (\(\frac{R }{100}\))]T
A = CI + P
here,
A = Amount
CI = Compound Interest
P = Principle
R = Rate
T = Time
Calculation:
Let's put the values given, in the formula to find the value of P;
7436 = P[1.04]2
P = \(\frac{7436}{1.0816}\)
P = Rs. 6,875
Hence, the correct answer is option 4.
Alternate MethodRate = 4% = (1/25) and time = 2 yrs
| Principal | Amount |
| 25 | 26 |
| 25 | 26 |
| 625 | 676 |
Amount = 7436
⇒ 676 units = Rs. 7436
⇒ 1 unit = (7436/676) = Rs. 11
⇒ 625 units = 11 × 625 = Rs. 6,875
∴ The correct answer is Rs. 6,875.
Last updated on Jun 17, 2025
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