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    Question

    An individual 'P' received Rs.

    6,750 as interest by investing Rs. 15,000 at a simple interest rate of 18% per annum for 'x' months. If the same amount was instead invested at a compound interest rate of x% per annum, compounded annually for 2 years, calculate the interest that Aman would have
    A Rs.12,350 Correct Answer Incorrect Answer
    B Rs.10,350 Correct Answer Incorrect Answer
    C Rs.11,620 Correct Answer Incorrect Answer
    D Rs.28,350 Correct Answer Incorrect Answer

    Solution

    ATQ, 6750 = (15000 ├Ч x ├Ч┬а18) ├╖ (100 ├Ч┬а12) Or, (6750 ├Ч┬а┬а100 ├Ч┬а┬а12) ├╖ (15000 ├Ч┬а18) = x Or, x = 30 So, required interest = 15000 ├Ч {1 + (30/100)}2 - 15000 = Rs.10,350┬а

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