Question
'R' invested Rs. 24,000 in SIP 'A' with a compound
interest rate of 20% per annum compounded annually, and Rs. 18,600 in SIP 'B' with a simple interest rate of 30% per annum. Determine the total interest earned by 'R' after 3 years from both SIPs combined.Solution
ATQ, Interest earned from SIP 'A' = 24000 × {(1.2)3 – 1} = Rs. 17,472 Interest earned from SIP 'B' = 18600 × 0.3 × 3 = Rs. Rs. 16,740 Required interest = 17472 + 16740 = Rs.34212
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