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

    Question

    Ajay invested Rs.24,000 in Fund 'P' for a duration of 4

    years, where it earns simple interest at a rate of 22.5% per annum. The amount obtained from Fund 'P' is subsequently invested in Fund 'Q,' which provides simple interest at a rate of 20% per annum for 2 years. Determine the interest received from Fund 'Q.'
    A Rs.25,240 Correct Answer Incorrect Answer
    B Rs.22,240 Correct Answer Incorrect Answer
    C Rs.18,560 Correct Answer Incorrect Answer
    D Rs.18,240 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, Interest received from Fund 'P' = 24000 × (22.5/100) × 4 = Rs. 21,600 So, the sum invested in Fund 'Q' = Amount received from Fund 'P' = 24000 + 21600 = Rs. 45,600 Interest received from Fund 'Q' = 45600 × (20/100) × 2 = Rs.18,240

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question