Start learning 50% faster. Sign in now
An amount of Rs. ‘y’ was invested on (R-2)% per annum on simple interest and at the end of 6 years an amount of Rs. 23100 was obtained as an interest.
y x (R-2)% x 6 = 23100
y x (R-2) = 385000
y = 385000/(R-2) Eq.(i)
If the amount was Rs. 7000 more and the rate of interest was ‘R’% per annum on simple interest, then at the end of 4 years an amount of Rs. 22320 was obtained as an interest.
(y+7000) x R% x 4 = 22320
(y+7000) x R = 558000 Eq.(ii)
Put Eq.(i) in Eq.(ii).
[{385000/(R-2)}+7000] x R = 558000
After solving the above equation, R = 9 .
Put the value of ‘R’ in Eq.(i).
y = 385000/(9-2)
= 385000/7
y = 55000
Required compound interest = (y-5000) of (100+R+1)% of (100+R+1)% - (y-5000)
Put the values of ‘y’ and ‘R in the above equation.
= (55000-5000) of (100+9+1)% of (100+9+1)% - (55000-5000)
= 50000 of 110% of 110% - 50000
= 60500 - 50000
= Rs. 10500
Flipkart has partnered with which state government through an MoU under its Flipkart Samarth program that aims at digitizing local businesses that focus...
When was the Kasturba Gandhi Balika Vidyalaya plan introduced by the Government of India?
In which year was the Kala Utsav initiative launched by the Department of School Education & Literacy, Ministry of Education?
VidyaDaan is a program of the nation, for the nation and by the nation to ensure continuity of quality learning initiated by the DIKSHA platform is rela...
The Government has revised the rates of interest on a few small savings schemes for the fourth quarter of financial year 2023-24 starting from 1st Janua...
When was the Vishesh Krishi Upaj Yojana' launched to emphasize the importance of agricultural exports in foreign trade?
What is the purpose of developing a carbon credit trading scheme in India?
Which portal has been launched to monitor child care institutions across the country?
Consider the following statements about Panchayat Development Index:
1. Recently, Union Minister of State for Panchayati Raj informed Lok...
In which year was the SAMRIDH scheme launched?