DH99 wrote:

Torres invested $P in a long term investment plan for 24 years at an interest compound annually. But due to some financial issues he had to withdraw money at the end of 6 years.How much more amount could he have gotten after 24 years if he received $3P after 6 years , if it's known that there were no pre-closing charges or deductions in the plan?

A. 9P

B. 12P

C. 72P

D. 78P

E. 81P

Solution: P is the term initially invested. Torres gets 3P after 6 years.We need to find what

more amount could he have gotten after 24 years.

Let’s arrange the data:

Amount Time

? 24

P 0

3P 6

3P*3 12

3P*3*3 18

3P*3*3*3 24

=

81PTherefore, more amount Toress would have got= 81P-3P=

78P