Question

A sum of money invested at 8% per annum for simple interest
amounts to Rs. 24,244 in 4 years. What will it amounts to in
8 year 8 months at 15% rate of interest ?​

Answer 1

Answer:

42,243.33

Step-by-step explanation:

Let say Invested Amount = P  Rs

Rate of interest = 8% per annum

Time = 4 Years

Interest = P * 8 * 4 / 100  = 0.32P

Amount after 4 Years = P + 0.32P  = 1.32P

1.32P = 24244

Rate of interest = 15% per annum

Time = 8 Years 8 months  = 8 + 2/3 years  = 26/3 years

Interest = P * 15 * (26/3)/100   =  1.3P

Amount after 8 year 8 months  = P + 1.3P = 2.3P

1.32P = 24244

=> 1  =  24244 /1.32P

=> 2.3P = 2.3P * 24244 /1.32P

= 42,243.33