Question
Download Solution PDFWhat is the sum of money that becomes ₹ 4,840 at 10% rate of compound interest (compounded annually) after two years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹4,840
Rate (r) = 10%
Time (t) = 2 years
Formula used:
A = P(1 + r/100)t
Calculations:
4840 = P(1 + 10/100)2
⇒ 4840 = P(1.1)2
⇒ 4840 = P × 1.21
⇒ P = 4840 / 1.21
⇒ P = 4000
∴ The correct answer is option (3).
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