Question
Rs. 90Y when invested for 5 years at simple interest of
12% p.a., yields an interest of Rs. 2700. If Rs. 110Y is invested for 3 years at compound interest (compounded annually) of 8% p.a., then find the amount received.Solution
ATQ, (90Y × 5 × 12) ÷ 100 = 54Y = 2700 So, Y = 2700 ÷ 54 = 50 And so, sum invested at compound interest = 110Y = 110 × 50 = Rs. 5500 So, required amount received = 5500 × {(1 + (8/100))}³ = 5500 × 1.08³ = Rs. 6922.
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