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Ajay 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 ₹)?

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  1. 15,250
  2. 15,000
  3. 15,750
  4. 15,500

Answer (Detailed Solution Below)

Option 2 : 15,000
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Detailed Solution

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Given:

Amount (A) = ₹41,160

Rate (r) = 40% per annum

Time (t) = 3 years

Formula used:

A = P(1 + )t

Where, P = Principal amount

Calculation:

41,160 = P(1 + )3

⇒ 41,160 = P(1.4)3

⇒ 41,160 = P × 2.744

⇒ P =

⇒ P ≈ 15,000

∴ The correct answer is option 2.

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