Ajay received ₹41,160 for lending ₹z for 3 years at the rate of 40% per annum compound interest. What is the value of z (in ₹)?

Correct option is D

Given:

Amount (A) = ₹41,160

Rate (R) = 40% per annum

Time (T) = 3 years

Formula Used:

Compound Interest formula:
A = $$P × \left(1 + \frac{R}{100}\right)ⁿ$$​​

​Solution:​

A = P × $$\left(1 + \frac{40}{100}\right)³$$​​

41160 = P × $$\left(\frac{140}{100}\right)³$$​​

P = $$41160\times\frac{10}{14}\times\frac{10}{14}\times\frac{10}{14}$$​ = ₹15,000