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?
A Only A Correct Answer Incorrect Answer
B Only A and B Correct Answer Incorrect Answer
C Only A and C Correct Answer Incorrect Answer
D Only B and C Correct Answer Incorrect Answer
E All A, B and C Correct Answer Incorrect Answer

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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