Question
A man invested a certain amount of sum at 13% per
annum simple interest and earned an interest of Rs. 2600 after 2 years. If the same amount is invested at 21% 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 × 0.13 × 2 = 2600
So, P = Rs. 10000
Desired interest = [(1.21)2 – 1] × 10000 = Rs. 4641
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