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    Question

    A man invested a certain amount of sum at 20% per annum

    simple interest and earned an interest of Rs 3500 after 4 years. If the same amount is invested at 24% per annum compound interest, compounded annually for two years then the interest would be:
    A Rs. 4625 Correct Answer Incorrect Answer
    B Rs. 3450 Correct Answer Incorrect Answer
    C Rs. 2352 Correct Answer Incorrect Answer
    D Rs. 4468 Correct Answer Incorrect Answer

    Solution

    Let the certain sum of money be Rs. P So, P × 0.20 × 4 = 3500 So, P = Rs. 4375 Desired interest = [(1.24)2 – 1] × 4375 = Rs. 2352

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