Question
Download Solution PDFAjay received ₹41,160 for lending ₹z for 3 years at the rate of 40% per annum compound interest. What is the value of z (in ₹)?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹41,160
Rate (r) = 40% per annum
Time (t) = 3 years
Formula used:
A = P(1 + \(\frac{r}{100}\))t
Where, P = Principal amount
Calculation:
41,160 = P(1 + \(\frac{40}{100}\))3
⇒ 41,160 = P(1.4)3
⇒ 41,160 = P × 2.744
⇒ P = \(\frac{41,160}{2.744}\)
⇒ P ≈ 15,000
∴ The correct answer is option 2.
Last updated on Jul 16, 2025
-> More than 60.65 lakh valid applications have been received for RPF Recruitment 2024 across both Sub-Inspector and Constable posts.
-> Out of these, around 15.35 lakh applications are for CEN RPF 01/2024 (SI) and nearly 45.30 lakh for CEN RPF 02/2024 (Constable).
-> The Examination was held from 2nd March to 18th March 2025. Check the RPF Exam Analysis Live Updates Here.