Exams › IBPS PO › General Awareness
A sum invested at a certain rate of simple interest for 3 years gives interest equal to \(\frac{3}{4}\) of the sum. Find the amount received when ₹1500 is invested at the same rate for 2 years at compound interest, compounded annually.
- ₹2343.75
- ₹3245.15
- ₹2509.52
- ₹3015.08
Correct answer: ₹2343.75
Solution
If simple interest for 3 years equals 3/4 of the principal, then the rate is 25% per annum because \(P \times R \times 3 / 100 = 3P/4\). Applying 25% compound interest for 2 years on ₹1500 gives \(1500 \times 1.25^2 = 2343.75\).
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