The compound interest accrued on an amount at the end of two years at the rate of 16% per annum is Rs 3041.28. What is the amount ?

The compound interest accrued on an amount at the end of two years at the rate of 16% per annum is Rs 3041.28. What is the amount ?
1). Rs 10500
2). Rs 9000
3). Rs 7250
4). Rs 8800

We use the compound interest formula:

A = P (1 + r/100)²

Where:

A = Final amount

P = Principal amount

r = 16% (rate of interest)

t = 2 years

CI = A - P = 3041.28

Substituting values:

A = P × (1.16)²
A = P × 1.3456

Since CI = A - P, we get:

3041.28 = P × 1.3456 - P
3041.28 = P × (1.3456 - 1)
3041.28 = P × 0.3456

Solving for P:

P = 3041.28 ÷ 0.3456
P = 8800

So, the correct answer is Rs 8800 (Option 4).

• Two types of rice (type 1 and type 2) were mixed in the respective ratio of 1 : 3. The mixture was then sold @ 75.60 per kg to gain a profit of 20%. If the price of type 1 rice is Rs. 75 per kg, what is the price of type 2 price per kg?
• Nidhi received simple interest off Rs. 1200 when invested Rs x at 6% p.a. and Rs y at 5% p.a. for 1 year. Had she invested Rs. x at 3% p.a. and Rs. y at 8% for that year, she would have received simple interest of Rs 1,260. Find the values Rs. x an y.
• A shopkeeper buys a blanket at a discount of 20% on the listed price from a wholesaler. The shopkeeper marks up the price by 15% on the listed price. A buyer pays Rs. 3795 to get it after paying sales tax rate of 10% on the price asked for. Find the profi
• Two towns P & Q are 275 km apart. A motorcycle rider starts from P towards Q at 8 a.m. at the speed of 25 km/hr. Another rider starts from Q towards P at 9 a.m. at the speed of 20 km/hr. Find at what time they will cross each other?
• Train A takes 45 minutes more than train B to travel a distance of 450 km. Due to engine trouble speed of train B falls by a quarter, so it takes 30 minutes more than Train A to complete the same journey. What is the speed of Train A (in km/hr)?