1. A sum of money was invested for 14 years was in Scheme A which offers simple interest at a rate of 8% p.a. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers compound interest (compounded annually) at a rate of 10% p.a. If the interest received from Scheme B was Rs. 6,678, what was the sum invested in Scheme A?
Write Comment
Comments
- By: anil on 05 May 2019 01.37 amLet the sum invested in scheme A = $$Rs. 100x$$ Time = 14 years and rate = 8% under simple interest => $$S.I. = frac{P imes R imes T}{100}$$ = $$frac{100x imes 8 imes 14}{100} = 112x$$ => Amount invested in Scheme B = $$100x + 112x = Rs. 212x$$ Time = 2 years and rate = 10% under compound interest. $$C.I. = P [(1 + frac{R}{100})^T - 1]$$ => $$6678 = 212x [(1 + frac{10}{100})^2 - 1]$$ => $$6678 = 212x [(frac{11}{10})^2 - 1] = 212x (frac{21}{100})$$ => $$0.21x = frac{6678}{212} = 31.5$$ => $$x = frac{31.5}{0.21} = 150$$ $$ herefore$$ Sum invested in scheme A = $$100 imes 150 = Rs. 15,000$$
Show Similar Question And Answers
