1. A sum of Rs 20000 becomes Rs 32000 in 12 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs) after 2 years?
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By: anil on 05 May 2019 02.03 am
Principal sum = Rs. 20,000 and time period = 12 years => Amount after simple interest = Rs. 32,000 Thus, simple interest = Rs. (32,000-20,000) = Rs. 12,000 Let rate of interest = $$r\%$$ => Simple interest = $$frac{P imes R imes T}{100}$$ => $$frac{20,000 imes r imes12}{100}=12,000$$ => $$2400r=12000$$ => $$r=frac{12000}{2400}=5\%$$ $$ herefore$$ Amount under compound interest = $$P(1+frac{R}{100})^T$$ = $$20,000(1+frac{5}{100})^2$$ = $$20,000(1+frac{1}{20})^2=4000(frac{21}{20})^2$$ = $$20,000 imesfrac{441}{400}$$ = $$50 imes441=Rs.$$ $$22,050$$ => Ans - (B)
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