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  • A person deposited a certain amount in a bank which is offering 10% p.a. compound interest for the first two years and for the next two years, each year the rate of interest is 10% points more than

A person deposited a certain amount in a bank which is offering 10% p.a. compound interest for the first two years and for the next two years, each year the rate of interest is 10% points more than previous year. The value of his investment at the end of the 3rd year is Rs.4840 more than that at the end of the second year. Find the total amount received by the person at the end of the 4thyear.

Option: 1

Rs.37752


Option: 2

Rs 38572


Option: 3

Rs.38752


Option: 4

Cannot be determined


Answers (1)

best_answer

P (120/100) (110/100) = (110/100) – P (110/100) 2 = 4840
P (1.2) (1.21) – P (1.21) = 4840
P = 20000 Rs. 

For the fourth year R%  is 30 % 

= 20000 x (1.3) x (1.2 ) x (1.2)
= 37752

 

Posted by

shivangi.bhatnagar

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