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    Question

    The total amount in SIP 'X' after 3 years, invested at a

    simple interest rate of 12% per annum, is Rs. 18,360. If an amount equal to 80% of the investment in SIP 'X' is invested for 2 years at a compound interest rate of 10% per annum, compounded annually, determine the interest earned.
    A Rs.2,150 Correct Answer Incorrect Answer
    B Rs.2,562 Correct Answer Incorrect Answer
    C Rs.2,268 Correct Answer Incorrect Answer
    D Rs.1,268 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, Let the sum invested in SIP 'X' = Rs. '100a' Then, 100a × 3 × 12 ÷ 100 + 100× = 18360 Or, a = 18360 ÷ 136 = 135 So, 80% of sum invested in SIP 'X' = 13500 × 0.8 = Rs.10800 So, compound interest received = 10800 × {1 + (10/100)}2 - 10800 = 13068 - 10800 = Rs.2,268

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