Question
'M' placed a specific amount of money into the 'SBI'
Mutual Fund, which provides a 15% per annum simple interest rate. Simultaneously, 'M' invested the same amount in the 'HDFC' Mutual Fund, which offers a 15% per annum compound interest rate, compounded annually. After a period of 2 years, the difference between the interest earned from 'SBI' Mutual Fund and 'HDFC' Mutual Fund was Rs. 675. Determine the total amount 'M' received from the 'HDFC' Mutual Fund at the end of 2 years.Solution
ATQ, Let, the principal amount invested by 'M' be Rs.'m' we know that the difference between CI and SI, after 2 yrs when Rs.'m' is invested at a rate of 'r'% p.a. = [m × (r/100)2] therefore, [m × (15/100)2] = 675 So, P = 30,000 Amount received from MutualFund 'HDFC' = {30,000 × (1+(15/100))2} = 30,000 × (23/20)2 = Rs.39,675
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