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Two different finance companies declare a fixed annual rate of interest on the amount invested by investors with them. The interest rate declared by these companies can vary from year to year depending on the variation in the country's economy and the interest rate of the banks. The annual rate of interest offered by the two companies P and Q is shown in the graph below.
Study the graph and answer the question.
Annual percentage rate of interest offered by two finance companies P and Q over the years.
An investor invested a sum of ₹4 lakhs in company in the year 2000. After one year, the entire amount was transferred to company P in 2001 as an investment for one year. What amount will the investor receive from company P?
Given that principle amount = 400000
in the year 2000 Rate of interest = 9%
we know that Simple interest (SI) = $$\dfrac{PRT}{100} = \dfrac { 400000 \times 9 \times 1} {100}$$
$$\Rightarrow 36000 $$
total amount 400000 + 36000 = 436000
According to question principle amount for 2001 in company P
Simple intrest = $$\dfrac{436000 \times 1 \times 6.5} {100} $$
$$\Rightarrow 436 \times 65 $$
$$\Rightarrow 28340 $$
Total amount = 436000 + 28340 = 464340 Ans
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