Question

A sum of money invested at compound interest amounts to Rs $4624$ in $2$ years and to Rs $4913$ in $3$ years. The sum of money is________

• A. Rs $4360$
• B. Rs $4260$
• C. Rs $4335$
• D. Rs $4096$

Answer 1

The correct option is D Rs $4096$

Let $x$ be the sum of money be $x$

S.I. on Rs. $4624$ for $1$ year $=$ Rs. $(4913-4624)=$ Rs. $289$.

$\therefore$ Rate $=\frac{100\times 289}{4624\times 1}\%=6\frac{1}{4}\%$

Now, $x{(1+\frac{25}{4\times 100})}^2=4624$ or $x\times \frac{17}{16}\times \frac{17}{16}=4624$

$\therefore x=(4624\times \frac{16}{17}\times \frac{16}{17})$

$\therefore x=$ Rs. $4096$

Thus, the sum of money is Rs. $4096$.