RRB NTPC 28 April 2016 Paper

Question : 88 of 100

Marks: +1, -0

Under a new scheme, a bank offers an interest of 30% per annum compounded annually. Suraj deposits ₹ 10,000 under this new scheme and at the end of the tenure receives ₹ 28,561. What was the tenure of the scheme that Suraj had chosen?

2 years
3.5 years
4 years
4.5 years

Validate

Solution:

(3) P = ₹ 10,000
A = ₹ 28,561
T = ?
R = 30%

{ A } = { P }/ ( 1 + { { R } }/ { 100 } \ ) ^ { { T } }

\⇒28561 = 10000 ( 1 + \ { 30 }/ { 100 } ) ^ { { T } }

⇒ { 28561 }/ { 10000 } = ( { 13 }/ { 10 } ) ^ { { T } }

⇒( { 13 }/ { 10 } ) ^ { 4 } = \ ( { 13 }/ { 10 } ) ^ { { T } }

⇒ { T } = 4

years

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