A sum invested at compound interest amounts to Rs. 3,136 in two years

1.	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. 3,3872. Rs. 3,3783. Rs. 3,4874. Rs. 3,478
Answer» 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 3^rd 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

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. 3,3872. Rs. 3,3783. Rs. 3,4874. Rs. 3,478

Answer» 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 ∶ 27 (for 3^rd 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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