Question
A man invested a certain amount of sum at 12.5%
per annum simple interest and earned an interest of Rs. 3000 after 3 years. If the same amount is invested at 10% per annum compound interest, compounded annually for two years then the interest would be:Solution
Let the certain sum of money be Rs. P
So, P × 0.125 × 3 = 3000
So, P = Rs. 8000
Desired interest = [(1.10)2 – 1] × 8000 = Rs. 1680
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