1.

Veer Invested X Rs. in SBI at the rate of 8% for 2 year and obtained a total simple interest of Rs. 6400. If he invested Rs. 10000 more for same period at the rate of 5% for first year and at 10% for 2nd year compound annually, then find the total compound interest obtained by Veer after 2 year.1). Rs. 60002). Rs. 50003). Rs. 77504). Rs. 7000

Answer»

PRINCIPAL = Rs. X

Rate of interest = 8%

Time = 2 years

According to PROBLEM,

⇒ X × 8 × 2/100 = 6400

⇒ 0.16X = 6400

⇒ X = 40000

In case of compound interest in 1st YEAR,

Principal = Rs. 40000 + 10000 = Rs. 50000

Rate of interest = 5%

∴ Amount = 50000(1 + 5/100) = Rs. 52500

In case of 2nd year,

Principal = Rs. 52500

Rate of interest = 10%

∴ Amount = 52500(1 + 10/100) = Rs. 57750

∴ Total compound interest obtained = Rs. (57750 - 5000) = Rs. 7750


Discussion

No Comment Found

Related InterviewSolutions