CAT Quantitative Ability Questions | CAT Percentage, Profit & Loss questions
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CAT/2021.1
Question . 16
Anil invests some money at a fixed rate of interest, compounded annually. If the interests accrued during the second and third year are ₹ 806.25 and ₹ 866.72, respectively, the interest accrued, in INR, during the fourth year is nearest to
Explanatory Answer
Method of solving this CAT Quantitative Ability Question from Percentage, Profit & Loss question
Correct Option: B
| Year - 1 | Year - 2 | Year - 3 | |
| principle(p) | p | p(1 + x) | p(1 + x)2 |
| interest | px | px (1 + x) | px (1 + x)2 |
| amount | p(1 + x) | p(1 + x)2 | p(1 + x)3 |
Here x is the rate of interest.
If you observe, the interest is in geometric progression(G.P).
In G.P, the common ratio =866.72806.25866.72806.25.
The interest in the fourth year = 866.72 x 866.72806.25866.72806.25
≅931.72
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