📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Rs. 7500 when invested at simple interest of r% p.a.

      amounts to Rs. 9000 in 24 months. If the same sum had been invested for 1 year at compound interest of (r + 20) % p.a. (compounded in every 4 months), then the amount received would be?
      A 9282.5 Correct Answer Incorrect Answer
      B 9382.5 Correct Answer Incorrect Answer
      C 9982.5 Correct Answer Incorrect Answer
      D 9682.5 Correct Answer Incorrect Answer

      Solution

      According to the question, 9000 – 7500 = (7500 × r × 24) ÷ (12 × 100) Or, 1500 = 150 × r Or, r = 10 When the sum is invested at compound interest, Effective rate of interest = (r + 20) ÷ 3 = (10 + 20) ÷ 3 = 10% Effective time period = 1 × 3 = 3 units Amount received = Principal × {1 + (r/100)}time period = 7500 × {1 + (10/100)}3 = 7500 × (1.1)3 = 9982.5

      Practice Next
      More ESIC Part B Questions

      Relevant for Exams:

      ask-question