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 haveSolution
ATQ, 6750 = (15000 × x × 18) ÷ (100 × 12) Or, (6750 × 100 × 12) ÷ (15000 × 18) = x Or, x = 30 So, required interest = 15000 × {1 + (30/100)}2 - 15000 = Rs.10,350
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