Question
The interest received on investing Rs. 20,000 for 3
years at simple interest of 'y%' p.a. is Rs. 3,000. Find the total amount received on investing Rs. 16,000 for 2 years at compound interest of 'y%' p.a., compounded annually.Solution
According to the question, 20000 X (3 X y ÷ 100) = 3000 Or, 600y = 3000 So, y = 3000 ÷ 600 = 5 So, total amount received on investing Rs. 16000 = 16000 X {1 + (5/100)}² = 16000 X 1.05² = Rs. 17,640
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