A certain amount of money deposited in a bank becomes ₹1008 in 2 years and…
2024
A certain amount of money deposited in a bank becomes ₹1008 in 2 years and ₹1164 in 3½ years. Find the amount deposited in the bank and the rate of interest per annum.
- A.
₹700, 12%
- B.
₹800, 13%
- C.
₹750, 13%
- D.
₹850, 13.5%
Attempted by 11 students.
Show answer & explanation
Correct answer: B
Given:
Amount in 2 years = 1008
Amount in 3.5 years = 1164
Time difference = 1.5 years
Interest for 1.5 years = 1164 − 1008 = 156
Interest for 1 year = 156 ÷ 1.5 = 104
Interest for 2 years = 104 × 2 = 208
Principal = 1008 − 208 = 800
Rate = (104 / 800) × 100 = 13%
Answer: ₹800, 13%