Latest m4maths Aptitude Question SOLUTION: A businessman deposits 60% of his income to a bank yearly. If this amount becomes 10 million rupee in 5 years and rate of interest compounded annually is 10%, then income in milli

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(#M40013500) M4MATHS Numerical Ability question income Keep an EYE

A businessman deposits 60% of his income to a bank yearly. If this amount becomes 10 million rupee in 5 years and rate of interest compounded annually is 10%, then income in million of the businessman yearly will be

Options 1) 4.2
2) 5.2
3) 6.8
4) 7.4
5) 8.9
6) 10.4
7) 11.3
8) 12.5
9) 13.2
10) none of these

Asked In m4maths Mohit (11 years ago)

Solved Parth Read Solution (5)

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Read Solution (5) :

Vasu  (11 years ago)

If he is depositing money only in one year, then it can be 10.4 million.

Is this solution Helpfull? Yes (5) | No   

Parth  (11 years ago)

None of these.

Because in each case, amount deposited in bank is more than 2 million every year and amt deposited in 5 yrs is more than 10 million ( without considering interest ).

Is this solution Helpfull? Yes (2) | No (2)  

AANCHAL  (8 years ago)

let income be x.
60% of x= 3x/5
amount = p(1+ R/100)^5
10=3x /5(1+10/100)^5
x = 10.4

Is this solution Helpfull? Yes (1) | No   

Anuj Katiyal  (11 years ago)

The issue which occurs is that he puts in the money every year, so the principal value does not remain constant for the whole process. Rest Vasu's comment is correct, if he only deposits once, it will be 10.4 million at the end.

Current answer would be none of these

Is this solution Helpfull? Yes | No (1)  

yogendra dixit  (10 years ago)

10.4
BECOZ.....
10=(60/100)*x({1+10/100}^5)

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