New 55% Off on All Courses - Enroll Now! Click Here

    Question

    An individual invests Rs. 6,000 at a simple interest

    rate of 8% per annum. After 2 years, he adds Rs. 1,800 to the investment, and the total amount is kept for another 2 years at an increased interest rate of 10% per annum. Calculate the total interest earned from both investments over the 4-year period.
    A 2654 Correct Answer Incorrect Answer
    B 2712 Correct Answer Incorrect Answer
    C 2713 Correct Answer Incorrect Answer
    D 2875 Correct Answer Incorrect Answer
    E 2926 Correct Answer Incorrect Answer

    Solution

    Interest on the Initial Deposit of 1,200 for the First 2 Years Principal after 2 Years = 6000 + 960 = 6960 And 1800 is added additionally Total principal for investing for next 2 more years = 6960+1800 = 8760  Interest on the 8760 for the Remaining 2 Years = 1752 total interest earned over the entire 5-year period = 960+1752= 2712

    Practice Next