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A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?
- a)Rs.9050
- b)Rs.9150
- c)Rs.9215
- d)Rs.9251
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respe...
Amount = P[ (1+r)^n ]
9680 = P [ (1+r)^2 ] -(eq 1)
10648 = P [ (1+r)^3 ] -(eq 2)
On dividing eq 1 by eq 2 , we get
1210/1331 = 1/(1+r)
1210+1210r = 1331
r = 121/1210
r = 1/10. (means rate = 10%)
Putting value of r in any of the eqns ,we get
P = 8000
For , 1 2/5 yrs or 7/5 yrs -
A = 8000 [ (1+1/10) ^ (7/5) ]
A = 8000 [ (1.1) ^ (1.4) ]
A = 8000*1.14274
A = 9141.9
So , A = Rs. 9142 (approx.)
I didn't got the exact ans but its closest to option b).
9680 = P [ (1+r)^2 ] -(eq 1)
10648 = P [ (1+r)^3 ] -(eq 2)
On dividing eq 1 by eq 2 , we get
1210/1331 = 1/(1+r)
1210+1210r = 1331
r = 121/1210
r = 1/10. (means rate = 10%)
Putting value of r in any of the eqns ,we get
P = 8000
For , 1 2/5 yrs or 7/5 yrs -
A = 8000 [ (1+1/10) ^ (7/5) ]
A = 8000 [ (1.1) ^ (1.4) ]
A = 8000*1.14274
A = 9141.9
So , A = Rs. 9142 (approx.)
I didn't got the exact ans but its closest to option b).
Community Answer
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respe...
To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount (the sum after interest)
P = the principal amount (the initial sum)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years
Let's solve this problem step by step:
1. Find the principal amount:
From the given information, we know that the sum amounts to Rs. 9680 in 2 years and Rs. 10648 in 3 years.
Using the compound interest formula, we can set up the following equations:
9680 = P(1 + r/n)^(2n)
10648 = P(1 + r/n)^(3n)
2. Solve for P:
We have two equations and two unknowns (P and r/n). We can solve these equations simultaneously to find the value of P.
Dividing the second equation by the first equation, we get:
10648/9680 = (P(1 + r/n)^(3n))/(P(1 + r/n)^(2n))
1.09917 = (1 + r/n)^n
Now, let's make some simplifications:
Let's assume n = 1 (compounded annually) for simplicity.
1.09917 = (1 + r)^1
Simplifying further:
1.09917 = 1 + r
r = 0.09917
Now, substitute the value of r into either of the equations to solve for P. Let's use the first equation:
9680 = P(1 + 0.09917/1)^(1*2)
Simplifying further:
9680 = P(1.09917)^2
9680 = P(1.20825)
P = 9680/1.20825
P ≈ 8006.31
So, the principal amount is approximately Rs. 8006.31.
3. Calculate the amount for 1 2/5 years:
Now, we need to find the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest.
Using the compound interest formula:
A = P(1 + r/n)^(nt)
A = 8006.31(1 + 0.09917/1)^(1*7/5) (as 1 2/5 years is equivalent to 7/5 years)
Simplifying further:
A = 8006.31(1.09917)^(7/5)
A ≈ 8006.31(1.09917)^1.4
A ≈ 8006.31(1.2178)
A ≈ 9761.22
Therefore, the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest will be approximately Rs. 9761.22.
Therefore, the correct answer is option B: Rs. 9150.
A = P(1 + r/n)^(nt)
Where:
A = the final amount (the sum after interest)
P = the principal amount (the initial sum)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years
Let's solve this problem step by step:
1. Find the principal amount:
From the given information, we know that the sum amounts to Rs. 9680 in 2 years and Rs. 10648 in 3 years.
Using the compound interest formula, we can set up the following equations:
9680 = P(1 + r/n)^(2n)
10648 = P(1 + r/n)^(3n)
2. Solve for P:
We have two equations and two unknowns (P and r/n). We can solve these equations simultaneously to find the value of P.
Dividing the second equation by the first equation, we get:
10648/9680 = (P(1 + r/n)^(3n))/(P(1 + r/n)^(2n))
1.09917 = (1 + r/n)^n
Now, let's make some simplifications:
Let's assume n = 1 (compounded annually) for simplicity.
1.09917 = (1 + r)^1
Simplifying further:
1.09917 = 1 + r
r = 0.09917
Now, substitute the value of r into either of the equations to solve for P. Let's use the first equation:
9680 = P(1 + 0.09917/1)^(1*2)
Simplifying further:
9680 = P(1.09917)^2
9680 = P(1.20825)
P = 9680/1.20825
P ≈ 8006.31
So, the principal amount is approximately Rs. 8006.31.
3. Calculate the amount for 1 2/5 years:
Now, we need to find the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest.
Using the compound interest formula:
A = P(1 + r/n)^(nt)
A = 8006.31(1 + 0.09917/1)^(1*7/5) (as 1 2/5 years is equivalent to 7/5 years)
Simplifying further:
A = 8006.31(1.09917)^(7/5)
A ≈ 8006.31(1.09917)^1.4
A ≈ 8006.31(1.2178)
A ≈ 9761.22
Therefore, the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest will be approximately Rs. 9761.22.
Therefore, the correct answer is option B: Rs. 9150.
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A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer?
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A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer? for CLAT 2025 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CLAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer?.
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer? for CLAT 2025 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CLAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount if the same sum is invested for 1 2/5 years at the same rate of compound interest?a)Rs.9050b)Rs.9150c)Rs.9215d)Rs.9251Correct answer is option 'B'. Can you explain this answer?.
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