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Mohan invested a sum at the rate of 15% simple interest per annum for two years and received a total amount of ₹9984. He invested the same amount at the rate of x% per annum at compound interest for two years and received interest ₹6500 more than the simple interest. Find the value of x% approximately.

1. 46.50%
2. 30.50%
3. 25.50%
4. 35.50%

Correct answer: 46.50%

Solution

From the simple interest amount, the principal can be found using A = P(1 + rt). Then the compound interest for two years is compared with the simple interest, and the excess interest is given as ₹6500. Solving the resulting equation gives x approximately 46.5%.

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