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      Question

      Rs.13000 was invested for 2 years in scheme A which

      offers compound interest at 10% per annum. What approximate interest earned on investing the amount obtained from scheme A again in the same scheme for 2 years.
      A Rs. 3303.30 Correct Answer Incorrect Answer
      B Rs. 3003.30 Correct Answer Incorrect Answer
      C Rs. 3503.30 Correct Answer Incorrect Answer
      D Rs. 3703.30 Correct Answer Incorrect Answer
      E Rs. 3353.30 Correct Answer Incorrect Answer

      Solution

      R= 10%Β  Time = 2 yr. (Compound interest) Total interest (Rate%) = 10+10+(10Γ—10)/100 =21% amount obtained from scheme A = 13000 Γ—(121/100) Interest at earned on investing the amount obtained from scheme A again in the same scheme for 2 years = 13000 Γ—(121/100) Γ— (21/100) = Rs. 3303.30

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