Question:
A sum of money was divided into 2 parts in the ratio 2:5. First part was invested for 2 years at the annual interest rate of \(20\%\) compounded annually. At what rate of simple interest per annum the second part must be invested for 2 years, so that the interest earned in both cases is the same?
A sum of money was divided into 2 parts in the ratio 2:5. First part was invested for 2 years at the annual interest rate of \(20\%\) compounded annually. At what rate of simple interest per annum the second part must be invested for 2 years, so that the interest earned in both cases is the same?
Updated On: Oct 22, 2024
- \(8.8\%\)
- Cannot be determined
- \(10.2\%\)
- \(9.6\%\)
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The Correct Option is A
Solution and Explanation
The correct answer is (A),\(8.8\%\)
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