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CMAT Exam 2023 Shift 2 Solved Paper
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© examsnet.com
Question : 6
Total: 100
A certain sum of money earns a simple interest of ₹ 800 over 2 -year period. The same sum of money invested at the same rate of interest and same period on a compound interest basis earns an interest of ₹ 900 . What is the sum?
₹
1
,
200
₹ 1,600
₹ 2,000
₹ 2,400
Validate
Solution:
Let the amount invested be 'P' and the rate of interest be '
r
'.
Simple interest
=
P
×
r
×
2
100
, which is equal to 800
⇒
Pr
100
=
400
Compound interest
=
P
(
1
+
r
100
)
2
−
P
=
900
P
(
r
100
)
2
+
2
Pr
100
=
900
P
(
r
100
)
2
=
100
400
(
r
100
)
=
100
r
=
25
%
P
=
400
(
100
)
25
=
Rs
1600
The answer is option B.
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