BPSC 63rd Prelims Exam 01 Jul 2018 Solved Paper

Question : 147 of 150

Marks: +1, -0

A sum of money invested at compound interest amounts to Rs.4,624 in 2 years and to Rs. 4,913 in 3 years. The sum of money is

Solution:

We know that

{A}= {P}(1+\;{r}/{100})^{n}

4624= {P}(1+\;{r}/{100})^{2}

.....(1)

4913= {P}(1+\;{r}/{100})^{3}

.....(2)
On dividing equation (2) by equation (1 ), we get

\;{4913}/{4624}=1+\;{r}/{100}

⇒ \;{r}/{100}=\;{4913}/{4624}-1

⇒ \;{r}/{100}=\;{4913-4624}/{4624}

⇒ \;{r}/{100}=\;{289}/{4624}

⇒ r=6.25 \%

Putting the value of

r

in equation (2) we get,

{P}=₹ 4,096

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