| The sum of money which becomes Rs. 2420 at 10% rate of compound interest after two years is |
| [SSC (CGL) Mains 2014] |
A) Rs. 1000
B) Rs. 1500
C) Rs. 2000
D) Rs. 2500
Correct Answer: C
Solution :
| Let the sum of money be Rs. P. |
| Then, \[2420=P{{\left( 1+\frac{10}{100} \right)}^{2}}=\,\,P{{\left( \frac{11}{10} \right)}^{2}}\] |
| \[\Rightarrow \] \[\frac{2420\times 100}{121}=P\] |
| \[\Rightarrow \] \[P=Rs.\,2000\] |
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