πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!


    Question

    Rs. 5500 is invested in scheme β€˜A’ for a year at

    simple interest of 30% p.a. The interest received from scheme β€˜A’ is reinvested for 2 years in scheme β€˜B’ which offers compound interest (compounded annually) of 30% p.a. What is the total amount received from scheme β€˜B’?
    A Rs. 2488.5 Correct Answer Incorrect Answer
    B Rs. 2988.5 Correct Answer Incorrect Answer
    C Rs. 2788.5 Correct Answer Incorrect Answer
    D Rs. 2188.5 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme β€˜A’ = 5500 Γ— (30/100) = Rs. 1650 Amount received from scheme β€˜B’ = 1650 Γ— {1 + (30/100)2} = 1.69 Γ— 1650 = Rs. 2788.5

    Practice Next

    Relevant for Exams:

    ask-question