Compound Interest Practice Test 4

Question : 11 of 40

Marks: +1, -0

A borrowed from a bank Rs. 8000 for 2 years at 5% per annum compound interest and B borrowed from a money lender a certain sum of money for 3 years at 4% per annum compound interest. If after expiry of their respective loan period, each of them pay an equal amount to clear off their debts, find the sum of money borrowed by B from the money lender.

Rs. 7840.25
Rs. 7820.75
Rs. 8840.25
Rs. 8200

Validate

Solution:

Here,

8000(1+5/100)^2=P(1+4/100)^3

⇒8000×21/20×21/20=P×(26/25)^3

∴P=7840.25

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