πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      The interest earned when a sum is invested at simple

      interest of 20% p.a., for 3 years, is Rs. 3000. What will be the total amount received after 2 years on investing the same sum at compound interest (compounded annually) of 12% interest p.a.?
      A Rs. 6200 Correct Answer Incorrect Answer
      B Rs. 6472 Correct Answer Incorrect Answer
      C Rs. 6772 Correct Answer Incorrect Answer
      D Rs. 6272 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Let the sum invested = Rs. Y According to the question, (Y Γ— 3 Γ— 20) Γ· 100 = 3000 So, Y = (3000/0.6) = 5000 So, required amount received = 5000(1 + 12/100)2 = 5000(112/100)2 = Rs. 6272

      Practice Next
      ask-question