Quantitative Aptitude Ques 325

Question: The sum of money which becomes Rs. 2420 at 10% rate of compound interest after two years is

Options:

A) Rs. 1000

B) Rs. 1500

C) Rs. 2000

D) Rs. 2500

Show Answer

Answer:

Correct Answer: C

Solution:

  • Let the sum of money be Rs. P. Then, $ 2420=P{{( 1+\frac{10}{100} )}^{2}}=P{{( \frac{11}{10} )}^{2}} $

$ \Rightarrow $ $ \frac{2420\times 100}{121}=P $

$ \Rightarrow $ $ P=Rs.,2000 $

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