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

• If he is depositing money only in one year, then it can be 10.4 million.
• 11 years agoHelpfull: Yes(5) No(0)
• 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 ).
• 11 years agoHelpfull: Yes(2) No(2)
• 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
  
• 8 years agoHelpfull: Yes(1) No(0)
• 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
• 11 years agoHelpfull: Yes(0) No(1)
• 10.4
  BECOZ.....
  10=(60/100)*x({1+10/100}^5)
• 10 years agoHelpfull: Yes(0) No(0)