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 ?
Answers
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4
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
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