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Question

A man invested a certain amount of sum at 12.5% per annum simple interest and earned an interest of Rs.3000 after 5 years. If the same amount is invested at 10% per annum compound interest, compounded annually for two years, then find the interest.

A Rs.1008 Correct Answer Incorrect Answer
B Rs.1176 Correct Answer Incorrect Answer
C Rs.1936 Correct Answer Incorrect Answer
D Rs.1512 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Let the certain sum of money be Rs.P. So,  P x 0.125 x 5 = 3000 => P = Rs.4800 Desired interest = [(1.1)2 – 1] x 4800 = Rs.1008

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