Mohit borrowed Rs. 7,500 from Sohan at 8% per annum compound interest. After 2 year Mohit gave Rs. 6,248 and an old T.V. set to clear his account. Find the cost of the T.V. set.
A
Rs. 2,500
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B
Rs. 2,900
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C
Rs. 3,500
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D
Rs. 4,200
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Solution
The correct option is D Rs. 2,500 Sum = Rs.7500
Rate =8%
Time =2 years
Sum after 2 years =7500(1+8100)2
⇒7500×108100×108100=8748
Mohit gave Rs. 6248 and an old T.V set to clear his account of Rs. 8748.