Question
The interest received on investing Rs. 12,500 for 4 years at simple interest of 'k%' p.a. is Rs. 10,000. Find the total amount received on investing Rs. 8,000 for 2 years at compound interest of 'k%' p.a., compounded annually.
Solution
According to the question, 12500 × (4 × k ÷ 100) = 10000 Or, 500k = 10000 So, k = 10000 ÷ 500 = 20 So, total amount received on investing Rs. 8000 = 8000 × {1 + (20/100)}2 = 8000 × 1.22 = 8000 × 1.44 = Rs. 11,520
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