Question
Vishal has certain sum of money with him. He invested 80% of the sum in scheme ‘X’ offering 15% p.a. simple interest for 8 years and received Rs. 3000 as interest. He then invested the amount received from scheme ‘X’ in scheme ‘Y’ for 2 years at 50% p.a., compound interest compounded annually. Find the amount received by Vishal from scheme
B. Â
Solution
Let, Vishal invested Rs. x in scheme ‘X’ According to the question, {(x × 15 × 8)/100} = 3000 Or, x = 3000/1.2 Or, x = 2500 Total sum Vishal had = 2500/0.8 = Rs. 3125 Amount received from scheme ‘X’ = 2500 + 3000 = Rs. 5500 Amount received from scheme ‘Y’ = 5500(1 + 50/100)2 = Rs. 12375
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