Multiple choice

The compound interest on a certain sum for second year is Rs. 480 and for the third year is Rs. 576. Find the sum / एक निश्चित धनराशि पर निश्चित ब्याज की दर से दूसरे वर्ष का चक्रवृद्धि ब्याज 480 रू. है और तीसरे वर्ष के लिए 576 रू. है। धनराशि ज्ञात कीजिए?

  1. 1500

  2. 1800

  3. 2000

  4. 2400
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The compound interest for successive years forms a geometric progression with common ratio (1 + r/100), where r is the annual rate. Since CI for 2nd year is 480 and for 3rd year is 576, we have 576/480 = 1.2, so the rate is 20%. Using CI for 2nd year = P(1 + r/100)(r/100), we get 480 = P(1.2)(0.2), giving P = 2000.

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