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PADALA VENKATA SANTOSH KUMAR

· started a discussion

· 1 Months ago

doubt (Question: 99818.0 )

how 1.05?

Question:
A property dealer bought a rectangular plot (of land) in Noida 5 years ago at the rate of \(\unicode{x20B9} \)1000 per m2. The cost of plot is increases by 5% in every 6 years. What is the approximate value of the land per meter2 25 years hence?
Options:
A) \(\unicode{x20B9} \)995
B) \(\unicode{x20B9} \)1280
C) \(\unicode{x20B9} \)1340
D) \(\unicode{x20B9} \)1495
E) \(\unicode{x20B9} \)1595
Solution:

Ans: (c) Total time = 25 + 5 = 30 years

Again no. of time periods for cost increment = \(\cfrac{30}{6}\) = 5

 net value of the plot = 1000 × (1.05)5

≈ \(\unicode{x20B9} \)1280

Knowledge Expert

· commented

· 1 Months ago

Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one.

pfc

· commented

· 1 Months ago

compound interest formula
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