New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

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

    simple interest and earned an interest of Rs 2700 after 3 years. If the same amount is invested at 30% 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. 3105 Correct Answer Incorrect Answer
    D Rs. 3520 Correct Answer Incorrect Answer

    Solution

    Let the certain sum of money be Rs. P So, P × 0.20 × 3 = 2700 So, P = Rs. 4500 Desired interest = [(1.30)2 – 1] × 4500 = Rs. 3105

    Practice Next

    Relevant for Exams: