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.Solution
ATQ, (95Y × 2 × 16) ÷ 100 = 30.4Y = 3040 So, Y = 3040 ÷ 30.4 = 100 And so, sum invested at compound interest = 115Y = 115 × 100 = Rs. 11,500 So, required amount received = 11,500 × {(1 + (7/100))}² = 11,500 × 1.07² = Rs. 13,167.
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