Question
Simran Funded Rs. 70,000 in two different SIP's. She
funded the smaller amount at CI of 20% p.a. compounded annually, and larger amount at SI of 16.5% for 2 years. If the interest earned from both SIP's is same, then find the amount invested at compound interest.Solution
ATQ, we can say that Let the amount invested at compound interest be Rs. 'A'. So, amount invested at simple interest = Rs. (70000 - A) Compound interest earned in two years = A × (1.2)2 - A = Rs.0.44A Simple interest earned in two years = {(70000 - A) × 16.5 × 2} ÷ 100 = Rs. {(70000 -A) × 0.33} Then, 0.44A = (70000 - A) X 0.33 Or, 0.44A = 23100 - 0.33A Or, 0.77A = 23100 So, A = 30000 So, amount invested at compound interest = Rs.30,000
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