Latest IBPS Aptitude Question SOLUTION: A sum of money becomes Rs. 13, 380 after 3 years and Rs. 20, 070after 6 years on compound interest. The sum (in Rupees) is:

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(#M40025199) IBPS Numerical Ability question MENTAL ABILITY Keep an EYE

A sum of money becomes Rs. 13, 380 after 3 years and Rs. 20, 070after 6 years on compound interest. The sum (in Rupees) is:

Asked In IBPS MAN (10 years ago)

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RABEL GUHAROY  (8 years ago)

i) Let the sum of money be Rs. P and the rate of interest be r% per year and it supposed that the interest is compounded annually.

ii) So amount after 3 years is given by P(1 + r/100)³ = 13380 ---- (1)
Amount after 6 years = P(1 + r/100)⁶ = 20070 ------ (2)

iii) So dividing (2) by (1):
(1 + r/100)³ = 20070/13380 = 3/2
Hence, P*(3/2) = 13380, substituting in equn. (1)
Solving P = Rs. 8920
Thus the amount = Rs. 8920

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