Question : The sum for 2 years gives a compound interest of Rs. 3225 at the rate of 15% per annum. The sum is:
Option 1: Rs. 10000
Option 2: Rs. 20000
Option 3: Rs. 15000
Option 4: Rs. 32250
Correct Answer: Rs. 10000
Solution :
Given: The sum for 2 years gives a Compound interest of Rs. 3225 at the rate of 15% per annum.
Let the sum be p.
Now applying the compound interest formula we get,
$p[(1+\frac{15}{100})^2–1]=3225$
⇒ $p[(\frac{23}{20})^2–1]=3225$
⇒ $p[(\frac{529}{400})–1]=3225$
⇒ $p(\frac{129}{400})=3225$
⇒ $p=3225×\frac{400}{129}=10000$
Hence, the correct answer is Rs. 10000.
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