1. The interest earned when a sum of Rs. 1,200/ was invested for 4 years in scheme A (offering simple interest at the rate of 20% p.a.) was Rs. 1,460/ less than the amount received when Rs. x was invested for 2 years in scheme B (offering compound interest compounded annually at the rate of 10% p.a.). What was x ?
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By: anil on 05 May 2019 01.20 am
Interest earned when a sum of Rs. 1,200/ was invested for 4 years in scheme A at 20% S.I. = $$frac{1,200 imes 20 imes 4}{100}$$ = $$12 imes 80 = 960$$ Amount received when Rs. x was invested for 2 years in scheme B at 10% C.I. = $$x (1 + frac{10}{100})^2$$ = $$x (frac{11}{10})^2 = frac{121x}{100}$$ Acc to ques, => $$frac{121x}{100} - 960 = 1460$$ => $$frac{121x}{100} = 1460 + 960 = 2420$$ => $$x = frac{2420 imes 100}{121}$$ => $$x = 20 imes 100$$ = Rs. $$2,000$$
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