Question
Rs. 80Y invested for 6 years at simple interest of 15%
p.a., yields an interest of Rs. 4320. If Rs. 100Y is invested for 2 years at compound interest (compounded annually) of 12% p.a., then find the amount received.Solution
ATQ, (80Y × 6 × 15) ÷ 100 = 72Y = 4320 So, Y = 4320 ÷ 72 = 60 And so, sum invested at compound interest = 100Y = 100 × 60 = Rs. 6000 So, required amount received = 6000 × {(1 + (12/100))}² = 6000 × 1.12² = Rs. 7526.
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