Question
Tina invests Rs. ‘X’ for 3 years at 6% p.a. simple
interest. Mina invests the same Rs. ‘X’ for 2 years at 8% p.a. compound interest. If Tina’s interest is Rs. 340 more than Mina’s interest, find the value of 3X.Solution
ATQ, Simple Interest of Tina = X × 6 × 3 / 100 = 0.18X Compound Interest of Mina (for 2 years) = X[(1 + 8/100)^2 − 1] = X[(1.08)^2 − 1] = X(1.1664 − 1) = 0.1664X According to the question, 0.18X − 0.1664X = 340 0.0136X = 340 X = 25000 Required value = 3X = 3 × 25000 = Rs. 75000
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