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Ravi invests Rs. 50,000 at 3% per annum for 2 years at simple interest. After he had completed 2 years, he also invests all the amount at 15% per annum for 2 years on compound interest. What is the total interest made by Ravi?
1. 20,092.5
2. 25,007.5
3. 17,092.5
4. 20,095
5. 17,095

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Correct Answer - Option 1 : 20,092.5

Calculation:

SI = (50000 × 3 × 2)/100

⇒ 3000

Amount = 50,000 + 3000

⇒ 53,000

Principal for CI = 53,000

CI = 53,000 × (1 + 15/100)2 – 53,000

⇒ 53,000 × (115/100)2 – 53000

⇒ 53,000 × (115/100) × (115/100) – 53000

⇒ 17,092.5

∴ Total interest = 3000 + 17092.5

⇒ Rs. 20,092.5

The total interest made by Ravi is Rs. 20,092.5.

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