Question
Rs. 3,300 is put into a savings scheme at a simple interest
rate of 36% per annum for 3 years. The maturity amount is then invested in a business venture that offers 25% compound interest per annum for 2 years. Find the final return from the business venture.Solution
ATQ,
Amount received from the savings scheme = (3300 Ă— 0.36 Ă— 3) + 3300 = Rs. 6,858
Amount received from the business venture = 6858(1 + 25/100)² = Rs. 10,717.50
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