Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A scheme works on simple interest for first two years and on compound interest for next two years. After completion of first two years,

A scheme works on simple interest for first two years and on compound interest for next two years. After completion of first two years, interest generated is withdrawn. If the rate of interest is 18% per annum and amount invested is Rs. 9500, find the amount of interest that will be generated in four years. 1. Rs. 6020 2. Rs. 6480.2 3. Rs. 6882.5 4. Rs. 7147.8 Cannot be determined 5.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Solution 4 We know Simple interest Principal x Rate x Time10... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Mathematics questions