New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Ramesh invested Rs. 8,000 in scheme ‘X’ offering simple

    interest of 15% p.a. After 3 years, he reinvested the total interest earned from scheme ‘X’ in scheme ‘Y’ offering compound interest of 8% p.a compounded annually. Calculate the total amount received from scheme ‘Y’ after 2 years.
    A Rs.2,149.28 Correct Answer Incorrect Answer
    B Rs.5,149.28 Correct Answer Incorrect Answer
    C Rs.4,199.04 Correct Answer Incorrect Answer
    D Rs.3,932.50 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Interest received from scheme ‘X’ = (8000 × 15 × 3) ÷ 100 = Rs. 3,600

    Total amount received from scheme ‘Y’ = 3600 × {1 + (8/100)}² = 3600 × (108/100)²= 3600 × 1.1664 = Rs. 4,199.04

    Practice Next