Question
A sum of ₹6,450 is invested for 3.5 years at a certain
annual rate of simple interest, yielding a total interest of ₹2,709. If ₹3,500 is then invested for 2 years at the same rate of interest but compounded annually, calculate the interest earned on this second investment.Solution
Let the rate of interest = 'y%' p.a. According to the question, (6450 X 3.5 X y) ÷ 100 = 2709 Or, y = 2709 ÷ 225.75 = 12 So, compound interest received on investing Rs. 3,500 = 3500 X {1 + (12/100)}2 - 3500 = 3500 x 1.122 - 3500 = Rs. 890.4
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