Question
A person invested ₹15000 in a scheme for 3 years at 8%
compound interest, compounded annually. After 3 years, the person decided to withdraw the amount and reinvested it at 5% compound interest, compounded annually, for another 2 years. What will be the total amount after 5 years?Solution
First, calculate the amount after 3 years at 8% compound interest. Formula: A = P * (1 + r/100)^n A = 15000 * (1 + 8/100)^3 = 15000 * (1.08)^3 = 15000 * 1.256 = ₹18840 Now, reinvest ₹18840 at 5% compound interest for 2 years. A = 18840 * (1 + 5/100)^2 = 18895.50 * (1.05)^2 = 18840 * 1.1025 = ₹20771.1 Therefore, the total amount after 5 years is ₹20771 Answer: c) ₹20771
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