Question of The Day25-01-2021

At compound interest, principal becomes ₹ 4624 in 2 years and ₹ 4913 in 3 years. What is the principal amount?

Correct Answer : a ) ₹ 4096

Explanation :

We know that,Amount=$$P(1+{r\over 100})^n$$,

Here, P = principal amount, r = rate of interest and n = time

Now, according to the question,

For 2 years

$$4624={P(1+{r \over 100})^2}……(1)$$

For 3 years

$$4913={P(1+{r \over 100})^3}……(2)$$

Dividing equation (2) by (1) we get,

$${4913 \over 4624}=(1+{r \over 100})$$

$${17 \over 16}=(1+{r \over 100})……(3)$$

From equation 1 and 3

$$4624={P({17 \over 16})^2}$$

⇒P=$${256 \over 289} * 4624$$=₹4096

Hence, (a) is the correct answer.

Such type of question is asked in various government exams like SSC CGL, SSC MTS, SSC CPO, SSC CHSL, RRB JE, RRB NTPC, RRB GROUP D, RRB OFFICER SCALE-I, IBPS PO, IBPS SO, RRB Office Assistant, IBPS Clerk, RBI Assistant, IBPS RRB OFFICER SCALE 2&3, UPSC CDS, UPSC NDA etc.

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