Question
Rishi invested a sum of money for 2 years in a simple
interest scheme at an annual rate of 30%, and received Rs. 7200 at the end of this period. Calculate the interest earned if the same amount is invested for 1 year at a compound interest rate of 30%, with interest being compounded every six months.Solution
Let the sum invested by Rishi be Rs. 'x' So, the interest received by him after 2 years = (x X 2 X 0.30) = Rs. '0.6x' Hence, total amount received after 2 years = Rs. (0.6x + x) ATQ, Or, 1.6x = 7200 So, 'x' = 4500 Amount = Principal X {1 + (Rate/100) }Time Since, rate of interest is compounded half yearly, so rate = (30/2) = 15% And, Time period = (1 X 2) = 2 Therefore, required amount = 4500 X {(1 + (15/100) }2 = 4500 X (23/20) 2 = Rs. 5951.25
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