Mathematics · Compound Interest
A person borrows a certain amount at 3% per annum simple interest payable annually. He immediately lends it to someone else at 5% per annum compound interest payable half-yearly. At the end of one year, he makes a profit of Rs 330. How much amount did he borrow?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs 17,000
- 2Rs 16,500
- 3Rs 16,000✓
- 4Rs 15,000
Correct answer
Rs 16,000
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