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    Question

    An amount of Rs. 2400 is invested at an annual compound

    interest rate of 20%, while another amount of Rs. 1600 is invested simultaneously at an annual simple interest rate of 15%. Calculate the total interest generated from both investments after 2 years.
    A Rs. 1650 Correct Answer Incorrect Answer
    B Rs. 1580 Correct Answer Incorrect Answer
    C Rs. 1600 Correct Answer Incorrect Answer
    D Rs. 1536 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Required interest earned = 2400 × {(1.2)2 – 1} + (1600 × 0.15 × 2) = Rs. (1056 + 480) = Rs. 1536

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