Multiple choice

Deepak invested Rs. 76000 at simple interest for 2 years at the rate of R% and gets an interest of Rs. 20520. If he invested total amount (Principle + Interest) in another scheme, which offered compound interest at the rate of (R%+1.5%) then find total compound interest obtained by Deepak after 2 years?

  1. a) Rs. 32117.2

  2. b) Rs. 37121.3

  3. c) Rs. 31127.7

  4. d) Rs. 37177.2

  5. e) Rs. 34217.7
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Simple interest = P*R*T/100. 20520 = 76000 * R * 2 / 100 => 20520 = 1520 * R => R = 13.5%. New rate = 13.5 + 1.5 = 15%. Total amount = 76000 + 20520 = 96520. Compound interest = 96520 * ((1.15)^2 - 1) = 96520 * 0.3225 = 31127.7.

AI explanation

Using the simple interest formula, the rate R is calculated as (20520 times 100) divided by (76000 times 2), which gives 13.5%. The total amount invested in the new scheme is 96520, and the new compound interest rate is 15%. The compound amount after 2 years is 96520 times 1.15 squared, which equals 127647.7, making the compound interest 127647.7 minus 96520 equal to Rs. 31127.7.

Keep practicing — related questions