Question
Simica invested a certain amount of money at a simple
interest rate of 12.5% per annum and earned Rs. 2,400 as interest over 3 years. If Tabu invested the same amount at a compound interest rate of 10% per annum, compounded annually, how much interest would she earn in 3 years?Solution
Let the sum invested by Simica = Rs. 'Y'
Interest received by Simica = (Y X 12.5 X 3) Ă· 100 = 2400
So, Y = 2400 Ă· 0.375 = 6400
So, sum invested by Tabu = Rs. 6400
Interest received by Tabu = 6400 X {1 + (10/100)} 3 Â - 6400
= 6400 X 1.1 3  – 6400 = 8518.40 – 6400 = Rs. 2,118.40
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