- 1451.24
- 1300
- 6400
- 1500

Option 1 : 1451.24

Given:

Amount in 3 years = Rs. 1680

Amount in 2 years = Rs. 1600

Formula used:

A = P(1 + r/100)n

Where, A = Amount, r = Rate of interest, n = Time in year

Calculation:

According to the question,

1680 = P(1 + r/100)3 ---(1)

1600 = P(1 + r/100)2 ---(2)

Dividing equation (1) by equation (2), we get

(1680/1600) = [(1 + r/100)3/(1 + r/100)2]

⇒ 21/20 = 1 + r/100

⇒ r/100 = 1/20

⇒ r = 5%

From equation (2),

1600 = P[1 + (5/100)]2

⇒ 1600 = P(105/100)2

⇒ P = 1600 × (20/21) × (20/21)

⇒ P = 1600 × (400/441)

∴ The sum is Rs. 1451.24

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