Mathematics · Simple and Compound Interest
The difference between the compound interest (compounded annually) and simple interest on a certain sum of money at a 10% rate of interest for 3 years is ₹930. If the same sum is invested for 5 years in a new scheme that offers a 15% rate of simple interest for the first three years and a 20% annual rate of compound interest for the last two years (compounded on the amount accumulated after 3 years), find the difference between the total amount of simple interest received and the total amount of compound interest received from this scheme.
- 1₹4,620
- 2₹5,130
- 3₹4,860
- 4₹5,640✓
Correct answer
₹5,640
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