The compound interest on a certain sum o

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

The compound interest on a certain sum of money in one year is 720 and on the second year is 780. Find sum.

Options:

9640

7600

8640

10400

Correct Answer:

8640

Explanation:

R = \(\frac{60}{720}\) × 100 = \(\frac{25}{3}\)%

⇒ Principal × \(\frac{25}{3}\)% = 720

⇒ Principal × 1% = \(\frac{720\;×\;3}{25}\)

⇒ Principal = \(\frac{720\;×\;3}{25}\) × 100 = 8640