Question
If Bhavya decides to reinvest the total interest earned
from Scheme D in a new scheme offering compound interest at the rate of 12% per annum for 2 years, and Anika decides to reinvest the amount she saved (Rs. 8,000) in a scheme offering 10% simple interest per annum for 4 years, what will be the difference in the amounts received by Bhavya and Anika at the end of their respective investment periods? Anika and Bhavya invested the same amount, Rs. (P), in two different schemes, C and D, respectively, for 2 years. Scheme C offers a 15% simple rate of interest, while Scheme D offers a 15% annual compound rate of interest. The difference between their interest amounts is Rs. 4050. Out of the total interest received by Anika, she spent (Q)% on travel, 30% on electronics, 20% on home decor, and the remaining Rs. 8000 she saved. From the total amount Anika spent on electronics, she spent Rs. (R) on a new laptop. With the remaining amount, she bought a smartphone at a 25% discount, which was marked Rs. 4000.Solution
Total interest earned by Bhavya from Scheme D = Rs. 58,050 Bhavya reinvests Rs. 31,252.5 at 12% compound interest for 2 years. Amount Bhavya receives after 2 years: = Rs. 58,050 × (1 + 12/100)² = Rs. 58,050 × 112/100 ×112/100 = Rs. 72,817.92 Anika reinvests Rs. 8,000 at 10% simple interest for 4 years. Interest earned by Anika: = Rs. 8,000 × 10/100 × 4 = Rs. 3,200 Total amount Anika receives after 4 years: = Rs. 8,000 + Rs. 3,200 = Rs. 11,200 Difference in amounts received by Bhavya and Anika: = Rs. 72,817.92 - Rs. 11,200 = Rs. 61,617.92 Answer: e) Rs. 61,618
Which institution provided loan assistance to the Ministry of Skill Development for the SANKALP program, aimed at improving skill training and market co...
With his victory at the World IBSF Billiards Championship 2023 in Doha, Qatar, how many world titles has Pankaj Advani now secured?
The number of nominated members in the Lok Sabha by the President.
What unit is primarily used to measure distances between celestial bodies?
Ajit Ninan recently died due to cardiac arrest, best known for the 'Centrestage' series, contributed to which magazine where he gained recognition for ...
Which of the following banks is the TV broadcast sponsor for Indian Team In Asian Games?
Nobel Prize for economics 2022 was awared for the research in which of the following field?
K and L are brothers. M and N are sisters. K’s son is N’s brother. How is L related to M?
Who is revered as ‘Karnataka Sangeeta Pitamaha’?
THE GROSS non-performing assets (GNPA) of the country's scheduled commercial banks, which declined to a 10-year low of 3.9 per cent in March 2023, is e...
Relevant for Exams:
