Symbiosis National Aptitude Test SNAP 2018 Paper

Question : 57 of 130

Marks: +1, -0

A man lends some money to his friend at 5% per annum of interest rate. After 2 years, the difference between the Simple and the compound interest on money is Rs. 50. What will be the value of the amount at the end of 3 years if compounded annually?

21325.6
24512.5
22252.7
23152.5

Validate

Solution:

We know that for time t = 2 year
C . I . - S . I . = P.

(r/{100})^2

50 =

P(5/{100})^2

P =

{50×100×100}/{25}

= 20000
Now, Amount after 3 years
=

20000(1+5/{100})^3

= 23152.5

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