Compound Interest Practice Test 1

Question : 28 of 40

Marks: +1, -0

A sum of Rs 64,000 is partly lent at simple interest and the balance at compound interest for a period of two years in both the cases. The rate of interest is 10% p.a. and the total interest earned at the end of two year is Rs 13,100. What is the sum lent at compound interest?

Rs 30,000
Rs 25,000
Rs 15,000
Rs 17,000

Validate

Solution:

P_1 = x ,P_2 = (64,000 - x)

, R = 10%, T = 2 years
Simple Interest

={P_1×R×T}/100={x×10×2}/100=x/5

Compound Interest

=P(1+R/100)^T-P

=(64,000-x)(1+10/100)^2-(64,000-x)

=(64,000-x)(121/100-1)

=13,440-21/100x

According to the statement,

x/5+13,440-21/100x=13,100

20 x+13,44,000- 21 x

=13,100× 100

x = 34,000
Sum lent at compound interest = (64,000 - x) = 64,000 - 34,000 = Rs 30,000

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