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. 2640 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} = 2640 Or, x = 2640/1.2 Or, x = 2200 Total sum Vishal had = 2200/0.8 = Rs. 2750 Amount received from scheme ‘X’ = 2200 + 2640 = Rs. 4840 Amount received from scheme ‘Y’ = 4840(1 + 50/100)2 = Rs. 10890
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