Multiple choice

A person invested Rs. 32,000 at simple interest and Rs. 30,000 at compound interest for 2 years at the rate of 6% and 12% per annum, respectively. Because of some error, simple interest got calculated at 9% and compound interest got calculated at 24%. What amount of interest is to be deducted so that the person gets the correct amount of money after 2 years?

  1. Rs. 10,516

  2. Rs. 10,416

  3. Rs. 10,316

  4. Rs. 10,116

  5. Rs. 9,416
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Calculate the interest at the intended rates and the interest at the error rates. The difference is the amount to be deducted.

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