📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    'V' invested Rs. 15,000 in Provident Fund 'P,' which

    provides 20% compound interest for two years, compounded annually. He subsequently invested the amount received from Provident Fund 'P' in another Provident Fund 'Q,' offering a% simple interest for three years. Determine the value of 'a' if the amount received by 'V' from Provident Fund  'Q' is Rs. 29,376.
    A 15% Correct Answer Incorrect Answer
    B 18% Correct Answer Incorrect Answer
    C 25% Correct Answer Incorrect Answer
    D 12% Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, Amount received by V from Provident Fund  'P' = 15000 × (1 + 0.20)2 = Rs. 21,600 Amount received by V from Provident Fund 'Q'  = 21600 + 21600 × 3 × (a/100) = 29376 648a = 7776 a = 12 So, the value of a = 12%

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question