Question
A man invested a certain amount of sum at 10% per
annum simple interest and earned an interest of Rs 5000 after 2 years. If the same amount is invested at 24% 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 × 0.10 × 2 = 5000
So, P = Rs. 25000
Desired interest = [(1.24)2 – 1] × 25000 = Rs. 13440
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