A sum of money invested for 2 years at 20% compounded
annually and similar money invested for 3 years on simple interest at 10% per annum. If the difference between interests is Rs. 280, then find the sum of money.
ARs. 2500Correct AnswerIncorrect Answer
BRs. 3000Correct AnswerIncorrect Answer
CRs. 4000Correct AnswerIncorrect Answer
DRs. 2000Correct AnswerIncorrect Answer
Solution
Effective rate of interest for CI = x + y + (xy/100) = 20 + 20 + (20 × 20)/100 = 44% Effective rate of interest for SI = 3 × 10 = 30% Difference in rates = 44 - 30 = 14% Let sum be S. Hence, 14% of S = 280 ⇒  S × (14/100) = 280 ⇒  S = 2,000
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