Question

    A man deposited Rs. 4000 in a bank offering compound

    interest of 10% p.a. compounded annually for first 2.5 years and after that simple interest of 12% p.a. for rest of the time. If at the end of two and half years, he withdrew Rs. 3082; then amount received by him at the end of 4 years will be:
    A Rs. 2360 Correct Answer Incorrect Answer
    B Rs. 2560 Correct Answer Incorrect Answer
    C Rs. 2860 Correct Answer Incorrect Answer
    D Rs. 2960 Correct Answer Incorrect Answer
    E Rs. 2300 Correct Answer Incorrect Answer

    Solution

    Amount left after two and half years = 1.05 × 1.10 × 1.10 × 4000 – 3082 = 5082 – 3082 = Rs. 2000 Amount received at the end of four years = 2000 + 2000 × 0.12 × 1.5 = Rs. 2360

    Practice Next
    More Simple and compound interest Questions
    ask-question