Question
Rs. 6250 is placed in plan X earning 28% simple interest
per annum for 3 years. Half of the maturity amount from plan X is then reinvested in plan Y at 20% simple interest for 5 years. What is the interest gained from plan Y?Solution
ATQ,
Amount received from plan X = {(6250 Ă— 28 Ă— 3)/100} + 6250 = Rs. 11,500 Interest received from plan Y = (0.5 Ă— 11,500 Ă— 20 Ă— 5)/100 = Rs. 5,750
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