Question
A man deposited Rs.2000 at a simple interest rate of 25%
per annum for 4 years. He then reinvested the amount he received into a compound interest scheme for 2 years at 15% per annum. Calculate the compound interest earned in the second investment.Solution
ATQ,
Simple Interest Principal = 2000 Rate = 25% Time = 4 years SI = (2000 × 25 × 4) / 100 = 2000 Amount after 4 years = 2000 + 2000 = 4000 Compound Interest Principal = 4000 Rate = 15% Time = 2 years Amount = 4000 × (1 + 15/100)² = 4000 × (1.15)² = 4000 × 1.3225 = 5290 Compound Interest = 5290 - 4000 = 1290
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