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A sum of Rs. 40000 was lent in the ratio of 7 : 3 for 2 years where the small sum is lent out on simple interest at 20% and the large sum is lent out on compound interest at 10%. Find the total interest earned. (compound interest calculated annually)

A sum of Rs. 40000 was lent in the ratio of 7 : 3 for 2 years where the small sum is lent out on simple interest at 20% and the large sum is lent out on compound interest at 10%. Find the total interest earned. (compound interest calculated annually) Correct Answer Rs. 10680

Let P = principal, R = rate of interest and N = time period

Simple Interest = PNR/100

Compound interest = P (1 + R/100)N - P

Given,

Sum = 40000

Small sum = 40000 × 3/10 = 12000

Large sum = 40000 × 7/10 = 28000

Simple Interest

= (12000 × 20 × 2)/100

= 4800

Compound interest

= 28000(1 + 10/100)2 - 28000

= 5880

Total interest = Rs. (4800 + 5880) = Rs. 10680

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