A sum invested at compound inrerest amounts to Rs8 000 in 4 years and Rs8 400 in 5 years interest be...........

Quantitative Aptitude (MTS) Compound Interest

A sum invested at compound inrerest amounts to Rs8,000 in 4 years and Rs8,400 in 5 years, interest being compounded yearly.

What will be the amount of the same sum at the end of the 6^thyear?

This questions was previously asked in

SSC MTS 26th October 2021 Shift-2

Rs8,820

Rs9,000

Rs8,904

Rs8,988

- Initial Information: The investment grows from Rs8,000 in 4 years to Rs8,400 in 5 years.

- Interest Calculation: The increase from Rs8,000 to Rs8,400 in one year implies an interest rate of 5% (Rs8,400/Rs8,000 = 1.05).

- Future Value Calculation: To find the amount in the 6th year, apply the same interest rate for another year to Rs8,400.

- Doing the math: Rs8,400 * 1.05 = Rs8,820.

- Correct Option: Option 1, Rs8,820.

The right option is: Option 1: Rs8,820

Submit Error