Exams › SSC CGL (Prelims) › General
A sum becomes ₹7,200 in 2 years and ₹8,640 in 3 years at compound interest. What is the original principal?
- ₹4,800
- ₹5,000
- ₹5,200
- ₹5,500
Correct answer: ₹5,000
Solution
The ratio of amounts in 3 years and 2 years is $8640/7200=1.2$, so the annual compound factor is 1.2. Therefore, principal $P = 7200/(1.2)^2 = 7200/1.44 = 5000$.
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