Question
An investment of Rs. 8,430 is made in a Mutual Fund,
offering a 10% per annum simple interest rate for 'p' years, while another investment of Rs. 8,800 is made in a Systematic Investment Plan (SIP), offering a 20% per annum simple interest rate for 'p - 3' years. If the total interest earned from both the Mutual Fund and SIP amounts to Rs. 10,338, can you calculate the value of 'p'?Solution
ATQ, 8430 × 0.10 × p + 8800 × 0.20 × (p – 3) = 10338 843p + 1760p – 5280 = 10338 2603p = 15618 p = 6
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