Question
The interest received on investing Rs. 6,000 for 5 years
at simple interest of 'm%' p.a. is Rs. 6,000. Find the total amount received on investing Rs. 3,000 for 3 years at compound interest of 'm%' p.a., compounded annually.Solution
According to the question, 6000 × (5 × m ÷ 100) = 6000 Or, 300m = 6000 So, m = 6000 ÷ 300 = 20 So, total amount received on investing Rs. 3000 = 3000 × {1 + (20/100)}3 = 3000 × 1.23 = 3000 × 1.728 = Rs. 5,184
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