Management Aptitude Test 2016 Paper

(a) The interest earned in 10 yr on ₹ 1000 at 5% per annum
= $\frac{100\times 5\times 10}{100}$ = ₹ 500
The principal now becomes = ₹ (1000 + 500) = ₹ 1500
Now, we find the time in which ₹ 1500 becomes ₹ 2000.
Given, P = ₹ 1500 and A = ₹ 2000
∵ A = P+ $\frac{\mathit{P}\times \mathit{r}\times \mathit{t}}{100}$
⇒ 2000 = 1500 + $\frac{1500\times 5\times \mathit{t}}{100}$
⇒ t = 500 × $\frac{100}{1500}$ × 5 = $6\frac{2}{3}$ yr