New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    Santosh invested Rs.9000 in a scheme for 6 years which

    is offering 15% simple interest. The amount received after 6 years from scheme B has been invested in another scheme offering 20% compound interest for one and half years, compounded half yearly. What will be the amount (approx.) received to Santosh after seven and half years?
    A Rs. 21670 Correct Answer Incorrect Answer
    B Rs. 22760 Correct Answer Incorrect Answer
    C Rs. 26740 Correct Answer Incorrect Answer
    D Rs. 22670 Correct Answer Incorrect Answer
    E Rs. 22560 Correct Answer Incorrect Answer

    Solution

    Simple interest earned by Santosh in 6 years at rate of 15% = (9000*15*6)/100 = Rs. 8100 Total amount earned by Santosh after 6 years = Rs. 9000+ Rs. 8100 = Rs. 17100 Amount received after investing in a scheme offering compound interest at rate of 20% compounded half yearly after one and half years. R = 10%, n = 3 A = 17100*(1+(10/100))3 A= 17100*1.331 A= Rs. 22760.1

    Practice Next