Question
The interest received on investing Rs. 8,000 for 5 years at simple interest of 'r%' p.a. is Rs. 8,000. Find the total amount received on investing Rs. 6,000 for 2 years at compound interest of 'r%' p.a., compounded annually.
Solution
According to the question, 8000 × (5 × r ÷ 100) = 8000 Or, 400r = 8000 So, r = 8000 ÷ 400 = 20 So, total amount received on investing Rs. 6000 = 6000 × {1 + (20/100)}2 = 6000 × 1.22 = 6000 × 1.44 = Rs. 8,640
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