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

    Question

    Rs. 10000 is invested in scheme ‘A’ for a year at

    simple interest of 29% p.a. The interest received from scheme ‘A’ is reinvested for 2 years in scheme ‘B’ which offers compound interest (compounded annually) of 50% p.a. What is the total amount received from scheme ‘B’?
    A Rs. 6525 Correct Answer Incorrect Answer
    B Rs. 6225 Correct Answer Incorrect Answer
    C Rs. 6425 Correct Answer Incorrect Answer
    D Rs. 6325 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme ‘A’ = 10000 × (29/100) = Rs. 2900 Amount received from scheme ‘B’ = 2900 × {1 + (50/100)2} = 2.25 × 2900 = Rs. 6525

    Practice Next

    Relevant for Exams: