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. 3360 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.Solution
Let, Vishal invested Rs. x in scheme ‘X’ According to the question, {(x × 15 × 8)/100} = 3360 Or, x = 3360/1.2 Or, x = 2800 Total sum Vishal had = 2800/0.8 = Rs. 3500 Amount received from scheme ‘X’ = 2800 + 3360 = Rs. 6160 Amount received from scheme ‘Y’ = 6160(1 + 50/100)2 = Rs. 13860
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