Subject
Quantitative Aptitude
Topic
Interest
George invested a sum of money of Rs. 13000 in a scheme that works on the principle of compound interest. The rate of interest is 20% per annum. After 2 years, it was notified that the scheme will now work on the principle of simple interest. After further 2 years, George withdrew all the money from investment. Due to pre mature withdrawal, a penalty of Rs. 1000 was charged. How much money will George get?
George invested a sum of money of Rs. 13000 in a scheme that works on the principle of compound interest. The rate of interest is 20% per annum. After 2 years, it was notified that the scheme will now work on the principle of simple interest. After further 2 years, George withdrew all the money from investment. Due to pre mature withdrawal, a penalty of Rs. 1000 was charged. How much money will George get?
ক)
Rs. 25208খ)
Rs. 26208গ)
Rs. 24208ঘ)
Rs. 23708ঙ)
Rs. 23208Explanation
Money invested by George is Rs. 13000 for 2 years at 20% per annum in compound interest. We know, in case of compound interest, Amount George will have after 2 years = 13000 × (1 + (20/100))2 = Rs. 18720 After 2 years, it was notified that the scheme will now work on the principle of simple interest. After further 2 years, George withdrew all the money from investment. ⇒ For next 2 years, George has invested Rs. 18720 at 20% per annum in simple interest. We know, in case of simple interest, Amount George will have after next 2 years = 18720 + [(18720 × 20 × 2)/100] = Rs. 26208 Due to pre mature withdrawal, a penalty of Rs. 1000 was charged. Amount of money that George will get = Rs. 26208 – Rs. 1000 = Rs. 25208Related questions
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