Question : The income of a company increases 20% per year. If the income is Rs. 26,64,000 in the year 2012, then its income in the year 2010 was:
Option 1: Rs. 28,55,000
Option 2: Rs. 18,50,000
Option 3: Rs. 28,20,000
Option 4: Rs. 21,20,000
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Correct Answer: Rs. 18,50,000
Solution :
Let the income in $2010$ be Rs. $P$.
Given: $R = 20$% and Income of year $2012 = 26,64,000$
Income after $t$ years after 2010 from $P$ amount of money and $R$ Rate of interest = $P[1 + \frac{R}{100}]^t$
Income in $2012 = P[1 + \frac{R}{100}]^2$
⇒ $ 2664000 = P[1+\frac{20}{100}]^2$
⇒ $ 2664000 = P(\frac{6}5)^2$
⇒ $P = 1850000$
Hence, the correct answer is Rs. 18,50,000.
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