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A sum of Rs. 4000 becomes Rs. 5800 in 3 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs.) after 2 years?

A sum of Rs. 4000 becomes Rs. 5800 in 3 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs.) after 2 years? Correct Answer 5290

Given Principal (P) = Rs. 4000, Amount (A) = Rs. 5800, Time Period (T) = 3 years

S.I. = 5800 - 4000 = Rs.1800

S.I. = PRT/100

⇒ 1800 = (4000 × R × 3)/100

⇒ R = 15%

Amount in case of Compound Interest (A) = P T = 4000 2 = 4000 2

⇒ 4000 (1.15)2 = 4000 × 1.3225 = Rs. 5290

∴ Final Amount = Rs. 5290

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