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Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?
- a)Rs. 8500
- b)Rs. 10,000
- c)Rs. 9500
- d)Rs. 11,000
- e)Rs. 12,000
Correct answer is option 'B'. Can you explain this answer?
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To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the amount after time t
P = the principal amount (initial deposit)
r = annual interest rate (10%)
n = number of times interest is compounded per year
t = number of years
We are given that the difference between the interest of the third year and the second year is Rs. 1,10. Let's assume that the principal amount deposited by Siddhartha is x.
To find the interest for the third year, we can calculate the amount after three years using the formula:
A = x(1 + 0.10/1)^(1*3)
A = x(1.10)^3
A = 1.331x
To find the interest for the second year, we can calculate the amount after two years using the formula:
A = x(1 + 0.10/1)^(1*2)
A = x(1.10)^2
A = 1.21x
Now we can find the difference between the interest of the third year and the second year:
1.331x - 1.21x = Rs. 1,10
0.121x = Rs. 1,10
x = Rs. 1,10 / 0.121
x ≈ Rs. 9,090.91
Therefore, Siddhartha has deposited approximately Rs. 9,090.91 in the bank.
A = P(1 + r/n)^(nt)
Where:
A = the amount after time t
P = the principal amount (initial deposit)
r = annual interest rate (10%)
n = number of times interest is compounded per year
t = number of years
We are given that the difference between the interest of the third year and the second year is Rs. 1,10. Let's assume that the principal amount deposited by Siddhartha is x.
To find the interest for the third year, we can calculate the amount after three years using the formula:
A = x(1 + 0.10/1)^(1*3)
A = x(1.10)^3
A = 1.331x
To find the interest for the second year, we can calculate the amount after two years using the formula:
A = x(1 + 0.10/1)^(1*2)
A = x(1.10)^2
A = 1.21x
Now we can find the difference between the interest of the third year and the second year:
1.331x - 1.21x = Rs. 1,10
0.121x = Rs. 1,10
x = Rs. 1,10 / 0.121
x ≈ Rs. 9,090.91
Therefore, Siddhartha has deposited approximately Rs. 9,090.91 in the bank.
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Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer?
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Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer?.
Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Siddhartha has deposited a certain amount in the bank to earn compound interest at 10% per annum. The difference between the interest of the third year and second year on the amount is Rs. 1,10. What amount has Siddhartha deposited?a)Rs. 8500b)Rs. 10,000c)Rs. 9500d)Rs. 11,000e)Rs. 12,000Correct answer is option 'B'. Can you explain this answer?.
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