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 +
Where, P = Principal amount
Calculation:
41,160 = P(1 +
⇒ 41,160 = P(1.4)3
⇒ 41,160 = P × 2.744
⇒ P =
⇒ P ≈ 15,000
∴ The correct answer is option 2.
Last updated on Jun 2, 2025
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