Question
Rs. 4,500 is invested in a bond at a simple interest of 20%
per annum for 6 years. The resulting amount is then invested in a scheme that offers compound interest at 30% per annum for 2 years. Find the final amount received from the scheme.Solution
ATQ,
Amount received from the bond = (4500 × 0.2 × 6) + 4500 = Rs. 9,900
Amount received from the scheme = 9900(1 + 30/100)² = Rs. 16,677
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