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Question

Mosses invested Rs. 20,000 in a scheme at simple interest @ 15% per annum. After three years he withdrew the principal amount plus interest and invested the entire amount in another scheme for two years, which earned him compound interest @ 12% per annum. What would be the total interest earned by Mosses at the end of 5 years?


Solution

S.I= $$\frac{20,000\times 15\times 3}{100}=9000$$
Amount = Rs 20,000+ Rs 9000= Rs  29,000
Now, CI= $$29,000 (1+\frac{12}{100})^{2}=29,000\times \frac{28}{25}\times \frac{28}{29}$$
$$= 36,377.6$$
A-P= 36,377.6-29,000= 7377.6
After 5 years = $$7377.6+9000=16,377.6$$

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Mathematics

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