Compound Interest Practice Test 5

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Question : 10 of 40

Marks: +1, -0

Find the price at which Mr Gupta sold his plot which was purchased for Rs 8 lakh, 3 years ago and its value appreciated by 120% p.a. compounded annually.

Rs 88,41,000
Rs 85,18,400
Rs 81,84,500
Rs 84,85,000
Rs 83,85,410

Solution:

Value after 3 years

= 8,00,000(1+120/100)^3

=8,00,000×220/100×220/100×220/100

= Rs 85,18,400

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