Question
Rahul secures a loan amounting to Rs. 8,800 from a bank,
which charges an annual simple interest rate of 20%. He then allocates this sum into an investment that yields an annual compound interest of 30%, compounded yearly. Calculate the profit Rahul achieves after two years.Solution
Amount paid to bank at the end of 2nd year = (8800 × 20 × 2)/100 + 8800 = Rs. 12320 Amount received from scheme = 8800 × (1.3)2 = Rs. 14872 Profit received by Rahul = 14872 – 12320 = Rs. 2552
More Simple and compound interest Questions
- Select the letter-pair that can replace the question mark (?) in the following series?
FK, HM, LQ, RW, ZE, ? - Which letter-cluster will replace the question mark (?) in the following series?
RGV, UME, ?, AYW, DEF - Which letter and number cluster will replace the question mark (?) to complete the given series?
LT6, KU12, IW24, FZ48, ____ - Select the number that can replace the question mark (?) in the following series.
24, 28, 37, 53, 78, ? - Select the number from among the given options that can replace the question mark (?) in the following series.
17, 18, 22, 31, 47, ___ - Which letter-cluster will replace the question mark (?) in the following series?
NPQR, OORQ, PNSP, ____, RLUN - A series is given with one term missing. Choose the correct alternatives from the given ones that will complete the series.
57, 59, 56, 61, 54, ___
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