Question
Rs. 85Y when invested for 4 years at simple interest of
11% p.a., yields an interest of Rs. 2992. If Rs. 105Y is invested for 3 years at compound interest (compounded annually) of 10% p.a., then find the amount received.Solution
ATQ, (85Y × 4 × 11) ÷ 100 = 37.4Y = 2992 So, Y = 2992 ÷ 37.4 = 80 And so, sum invested at compound interest = 105Y = 105 × 80 = Rs. 8400 So, required amount received = 8400 × {(1 + (10/100))}³ = 8400 × 1.1³ = Rs. 11,197.
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