Multiple choice

Anuj deposited some amount of money in a bank at compound interest. The money increased to Rs. 8000 after the end of the first year and to Rs. 8400 after the end of the second year. The deposited sum of money (in rupees) was

  1. 7519.05

  2. 7619.05

  3. 7689.05

  4. 7719.05

  5. 7789.05
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Let P be the principal and r be the rate. P(1+r) = 8000. P(1+r)^2 = 8400. (1+r) = 8400/8000 = 1.05. P = 8000 / 1.05 = 7619.0476...

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