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Anurag invested ₹15,000 in Scheme A at simple interest for two years at 15% per annum. If he again invests the total amount received from Scheme A in Scheme B at compound interest at 20% per annum for two years, then find the interest obtained in Scheme B.

1. ₹7260
2. ₹4850
3. ₹5860
4. ₹8580

Correct answer: ₹8580

Solution

Simple interest from Scheme A is ₹4,500, so the amount becomes ₹19,500. Investing ₹19,500 at 20% compound interest for 2 years gives interest of ₹8,580. Hence, the correct answer is ₹8,580.

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