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Kahna deposited ₹20,000 at simple interest at 12.5% p.a. for 2 years. After 2 years, the total amount was deposited at 10% p.a. compounded semi-annually for 1 year. Find the total interest gained.

1. ₹7,562.5
2. ₹7,435.5
3. ₹7,498.5
4. ₹7,242.5

Correct answer: ₹7,562.5

Solution

The first phase gives simple interest on ₹20,000 for 2 years at 12.5%, and the second phase compounds the resulting amount for 1 year at 10% p.a. semi-annually. Adding both interests gives the total gain of ₹7,562.5.

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