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A sum is deposited in a bank which gives simple interest. The sum becomes 1.25 times in 3 years. If there is a requirement of Rs. 7,60,000 after seven years, how much amount (in Rs.) should one deposit to fulfil the requirement?
Answer & Solution
Correct Answer:
Option
C
Let the sum = 100
$$\eqalign{ & {\text{Rate}} = \frac{{25}}{3}\% \cr & \Rightarrow {\text{Total amount in}} \cr & = 100 + \frac{{25}}{3} \times 7 \cr & = 100 + \frac{{175}}{3} \cr & = \frac{{475}}{3}\mu \to 76000 \cr & 1\mu \to 4800 \cr & 100\mu \to 480000 \cr} $$
$$\eqalign{ & {\text{Rate}} = \frac{{25}}{3}\% \cr & \Rightarrow {\text{Total amount in}} \cr & = 100 + \frac{{25}}{3} \times 7 \cr & = 100 + \frac{{175}}{3} \cr & = \frac{{475}}{3}\mu \to 76000 \cr & 1\mu \to 4800 \cr & 100\mu \to 480000 \cr} $$
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