NIFT PG 2019 Question Paper with solutions

Question : 4 of 150

Marks: +1, -0

A sum of money becomes

₹ 13380

after 3 yr and

₹ 20070

after 6 yr on compound interest. The sum (in rupees) is

Solution:

We know that,

A=P(1+\;{r}/{100})^{t}

∴ \;\; 13380=P(1+\;{r}/{100})^{3}

.....(i)
and

\;\; 20070=P(1+\;{r}/{100})^{6}

....(ii)
Now, dividing Eq. (ii) by Eq. (i), we get

\;{20070}/{13380}=\;{P(1+{r}/{100})^{6}}/{P(1+\;{r}/{100})^{3}} ⇒ 1.5=(1+\;{r}/{100})^{3}

Now, putting this value in Eq. (i), we get

13380=P × 15 ⇒ P=\;{13380}/{15}

⇒ \;\; P=₹ 8920

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