Question

    Arman Funded an amount at the rate of 6 % for a period

    of 2 years at C.I. while calculating, the rate of interest was interchanged with the time period and the compound interest become S.I, then he gets Rs.2088 less.What will be the amount that he Funded?
    A Rs.584000 Correct Answer Incorrect Answer
    B Rs.560000 Correct Answer Incorrect Answer
    C Rs.580000 Correct Answer Incorrect Answer
    D Rs.548000 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, The total rate of interest at 6 % for a period of 2 years = 12.36%  If Rate of interest becomes time, so time period = 6years  Time period becomes rate, rate= 2% Total rate of interest at SI= 6 × 2% = 12% Difference in rates = 12.36% − 12% = 0.36% Therefore required Amount Funded by Arman will be = (2088/0.36) × 100% = Rs.580000

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