Question
Rohit invests Rs. 7,500 on compound interest at 10% p.a.
(compounded annually) for 2 years and Rs. 6,400 on simple interest at 12% p.a. for 4 years. Find the total interest earned by him.Solution
ATQ,
So, compound interest = 7,500 × 1.1² - 7,500 = Rs. 1,575
Simple interest = Principal × rate × time ÷ 100
So, simple interest = 6,400 × 12 × 4 ÷ 100 = Rs. 3,072
Therefore, total interest earned by Rohit = 1,575 + 3,072 = Rs. 4,647
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