Question
'M' invested ₹19,200 at an annual compound interest
rate of 10%, compounded yearly. After 'a' years, the total amount he received was ₹23,232. If 'Q' invested ₹48,000 at an annual compound interest rate of 15%, also compounded yearly for the same duration ('a' years), what would be the total amount received by 'Q'?Solution
We know that, A = P (1 + rate/100)t Or, 23232 = 19200 X (110/100) a Or, (23232/19200) = (11/10) a Or, (121/100) = (11/10) a Or, (11/10) 2 = (11/10) a So, 'a' = 2 Therefore, interest received by 'Q' = 48,000 x (1.15) 2 - 48,000 = 63,480 - 48,000 = Rs. 15,480
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