Question
Arun invests Rs.(y – 2000) in a compound interest
scheme at a rate of 12% per annum for 3 years. Rina invests Rs.y in a compound interest scheme at a rate of 8% per annum for 4 years. The total amount received by Rina is Rs.3024 more than that of Arun. From the statement given in the above question, which of the following can be determined? A) Find the value of y B) Total amount received by Rina C) Rahul invests Rs.y in a simple interest scheme at a rate of 10% per annum; then find the simple interest received by Rahul?Solution
(Rina's Amount: y * 108/100 * 108/100 * 108/100) - (Arun's Amount: (y - 2000) * 112/100 * 112/100) = 3024 1.259712y - 1.2544y + 2508.8 = 3024 0.005y = 515.2 y = 103,040 Total amount received by Rina = 103,040 * 108/100 * 108/100 * 108/100 = Rs.129,801 For (C), the time period of investment is not provided, so the interest amount cannot be determined.
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