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

    Question

    A person deposited Rs. 30,000 in a savings account that

    earned simple interest at a rate of 'x%' per annum. After 2 years, the total amount in the account grew to Rs. 39,000. If the same individual had instead invested Rs. 20,000 at the same annual interest rate for a period of 4 years, determine the total interest accrued from this second investment.
    A Rs. 9,000 Correct Answer Incorrect Answer
    B Rs. 12,500 Correct Answer Incorrect Answer
    C Rs. 9,600 Correct Answer Incorrect Answer
    D Rs. 10,000 Correct Answer Incorrect Answer
    E Rs. 12,000 Correct Answer Incorrect Answer

    Solution

    Total interest earned in 2 years = 39000 - 30000 = Rs. 9,000 ATQ; 9000 = (30000 X x X 2) ÷ 100 Or, x = 15 So, required interest earned = (20,000 X 15 X 4) ÷ 100 = Rs. 12,000 Hence, option e.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question