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ch manoj kumar reddy

· started a discussion

· 1 Months ago

75 question in quant section (Question:251307.0)

how do you get 1.14x as compound interest in 4th year

Question:

 For a sum compound interest of fifth year is Rs. 22743 and compound interst of fourth year is Rs. 19950, then find the compound interst of third year.


Options:
A)

 11400

B)

 16000

C)

 17000

D)

 17500

Solution:

    In compound interest extra interest is generated by interest on interest of last year.

    So extra interest in 5th year = 22743 – 19950 = 2793

    So rate of interest = 2793×10019950   

    (for one year simple interest and compound interest are same) = 14%

    Let compound interest in 3rd year = x

    So compound interest of 4th year = 1.14x

 1.14x=19950

  

x=199501.14=17500   

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