Question
Rs. 2500 is invested at 24% p.a. simple interest for 6
years in scheme A. The interest obtained from scheme A is then invested for 2 years at 30% p.a. compound interest, compounded annually in scheme B. Find the interest received from scheme B.Solution
ATQ, Interest received from scheme A = {(2500 × 24 × 6) / 100} = Rs. 3600 Required interest received from scheme B = 3600(1 + 30/100)² – 3600 = 3600(1.3)² – 3600 = 3600(1.69) – 3600 = 6084 – 3600 = Rs. 2484
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