A sum of ₹20,500 is invested at 20% simple interest per annum for 4 years, and the amount obtained is then invested at 10% compound interest per annum for 2 years. Find the compound interest obtained.

7997
7479
7974
7749

Correct answer: 7749

Solution

The first investment grows by simple interest for 4 years, giving a new amount. That amount is then compounded at 10% for 2 years, and the compound interest is the excess over that second principal. Carrying out both stages gives ₹7,749.

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