Practicing Success
A person borrowed a sum of ₹30800 at 10% p.a. for 3 years, interest compounded annually. At the end of two years, he paid a sum of ₹13268. At the end of 3rd year, he paid ₹ x to clear of the debt. What is the value of x ? |
26400 26510 26200 26620 |
26400 |
Amount = Principal × ( 1 + \(\frac{rate }{100}\) )t Amount to be paid after 2 years = 30800 × ( 1 + \(\frac{10 }{100}\) )2 = 30800 × \(\frac{11 }{10}\) × \(\frac{11 }{10}\) = 37268 Paid amount = 13268 Sum left = 37268 - 13268 = 24000 Now , Amount at the end of 3rd year = 24000 × ( 1 + \(\frac{10 }{100}\) )1 = 24000 × \(\frac{11 }{10}\) = Rs.26400 |