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CAT 2009 | Question: 11

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A person closes his account in an investment scheme by withdrawing $\text{Rs.}\; 10,000$. One year ago he had withdrawn $\text{Rs.}\; 6000$. Two years ago he had withdrawn $\text{Rs.}\; 5000$. Three years ago he had not withdrawn any money. How much money had he deposited approximately at the time of opening the account $4$ years ago, if the annual simple interest is $10\%?$

  1. $\text{Rs.}\; 15600$
  2. $\text{Rs.}\; 16500$
  3. $\text{Rs.}\; 17280$
  4. None of these.

1 Answer

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Suppose the person has deposited Rs. X at the time of opening account.
After one year, he had = Rs. ( x + x*10*1/100 ) = Rs. 11x/10
After two years, he had = Rs. (11x/10 + 11x/10 *10*1/100 ) = 121x/100

After withdrawing Rs 5000 from Rs. 121x /100, the balance
= Rs. (121x – 500000)/100
After 3 years, he had =
= (121x – 500000)/100 + (121x – 500000)/100 * 10*1/100
=11(121x-500000)/1000

After withdrawing 6000 from above, the balance = Rs. (1331x/1000 – 11500 )
After 4 years, he had = Rs. 11/10 *(1331x/1000 – 11500 ) – 10000 = 0
x⇒ Rs 15470
Hence, option (D) is correct.
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