Question
The difference between the compound interest and simple
interest accrued over 2 years is Rs. 4,500 when a principal amount is invested at an annual interest rate of 30%, with compound interest being calculated annually. Determine the simple interest earned if the same principal is invested at an annual interest rate of 18% for a duration of 4 years.Solution
Let the sum invested be Rs. '100x' So, the compound interest for 2 years = 100x X 1.3 X 1.3 - 100x = Rs. '69x' Simple interest for 2 years = 100x X 2 X 30 = Rs. '60x' ATQ, So, (69x - 60x) = 4500 So, 'x' = 500 Therefore, required interest = 500 X 100 X 4 X 0.18 = Rs. 36,000
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