Question

A sum of money amounts to Rs. 6690 after 3 years and to Rs. 10,035 after 6 years on compound interest. Find the sum.

• A. Rs.4500
• B. Rs.4460
• C. Rs.4640
• D. Rs.4400

Answer 1

The correct option is B

Rs.4460

Let the sum be Rs. P. Then,
$P(1+\frac{R}{100}{)}^3=6690$ .......(i) and $P(1+\frac{R}{100}{)}^6=10035$ .............(ii)
On dividing, we get $(1+\frac{R}{100}{)}^3=\frac{10035}{6690}=\frac{3}{2}$.
Substituting this value in (i), we get:
$P\times \frac{3}{2}=6690$ or $P=(6690\times \frac{2}{3})=4460$.
Hence, the sum is $Rs.4460$.