Question : A sum becomes Rs. 33800 in 2 years and Rs. 43,940 in 3 years, when lent in a scheme of compound interest (compounding annually). If double the sum is invested in the same scheme for 2 years, then what will be the amount obtained at the end of 2 years?
Option 1: Rs. 62480
Option 2: Rs. 67600
Option 3: Rs. 71240
Option 4: Rs. 60420
Correct Answer: Rs. 67600
Solution :
When compounded annually,
Dividing equation II by I, we get,
Put R = 30% in equation I, we get,
Now, when the Principal is double, which means 2 × 20000 = 40000,
Total amount
Hence, the correct answer is Rs. 67600.
