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    Question

    Rs. 95Y invested for 2 years at simple interest of 16%

    p.a., yields an interest of Rs. 3040. If Rs. 115Y is invested for 2 years at compound interest (compounded annually) of 7% p.a., then find the amount received.
    A RS.5000 Correct Answer Incorrect Answer
    B Rs.7526 Correct Answer Incorrect Answer
    C Rs.6922 Correct Answer Incorrect Answer
    D None of these Correct Answer Incorrect Answer

    Solution

    ATQ, (95Y ├Ч 2 ├Ч 16) ├╖ 100 = 30.4Y = 3040 So, Y = 3040 ├╖ 30.4 = 100 And so, sum invested at compound interest = 115Y = 115 ├Ч 100 = Rs. 11,500 So, required amount received = 11,500 ├Ч {(1 + (7/100))}┬▓ = 11,500 ├Ч 1.07┬▓ = Rs. 13,167.

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