ibps-so 2018 · Question 141 of 356

A depositor who was o ered two di erent modes of reckoning the interest upon one and the same deposit wished to be told what the choice between them was worth to him over the full term of the deposit, and the accountant of the branch worked the matter out for him. He found that if the sum were placed at compound interest at 10 per cent per annum, the interest being compounded once a year, the interest earned upon it over a term of three years would exceed by ₹1,240 the interest that the very same sum would earn over the very same term at simple interest at the very same rate. What is the sum that the depositor proposed to place with the branch?

1. A₹36,000
2. B₹40,000Correct
3. C₹44,000
4. D₹48,000
5. E₹32,000