Arun borrowed a sum of ₹9,000 from Jayanthi at 10% rate of compound interest per annum, compounded annually. Find the total amount paid by Arun after 2 years to clear all dues.

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RRB Group D 1 Sept 2022 Shift 1 Official Paper
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  1. ₹10,098
  2. ₹10,890
  3. ₹10,089
  4. ₹10,980

Answer (Detailed Solution Below)

Option 2 : ₹10,890
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Detailed Solution

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Given :

Principal value = Rs.9000

Interest rate = 10 % per annum

Time = 2 years

Formula used :
Amount (A) =\( P \times (1 + {R\over 100})^n \)

[Where, P = Principal value,

R = Annual interest rate,

n = Time in years]

Calculations :
∴ A = 9000 (1 + 10/100)2 

⇒ A = 9000 (1 + 1/10)2 

⇒ A = 9000 (11/10)2 

⇒ A = 9000 × 121/100

⇒ A = 90 × 121

⇒ A = ₹10,890

∴ Amount = ₹10,890 

Hence, Total amount paid by Arun after 2 years to clear all dues is ₹10,890.

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