Question
The interest earned when a sum is invested at simple
interest of 20% p.a., for 3 years, is Rs. 3000. What will be the total amount received after 2 years on investing the same sum at compound interest (compounded annually) of 10% interest p.a.?Solution
Let the sum invested = Rs. Y According to the question, (Y × 3 × 20) ÷ 100 = 3000 So, Y = (3000/0.6) = 5000 So, required amount received = 5000(1 + 10/100)2 = 5000(11/10)2 = Rs. 6050
More Simple and compound interest Questions
-1, 5, 23, 59, ?
252, 128, 66, 35, 19.5, ?
If series II follows the same sequence pattern as series I shown below, determine the value of 'p'.
Series I: 3, 4, 9, 34, 159, 784
Se...
64, 66, 69, 74, 81, ?
12, 19, 33, ?, 117
76, 80, 89, 105, ?, 166
45Â Â Â Â 45.5Â Â Â Â Â Â 47 Â Â Â Â Â Â 49.5Â Â Â Â Â Â 53 Â Â Â Â Â Â ?
...96, 144, ?, 324, 486, 729, 1093.5
257, 399, 566, ?, 983, 1237Â
- What will come in place of the question mark (?) in the following series?
6, 24, 60, ?, 210, 336
