Question
'K' distributed his investments among two distinct
funds, Mutual Fund X and Mutual Fund Y, in the respective ratio of 9:8. While Mutual Fund X generates simple interest, Mutual Fund Y yields compound interest, compounded annually, both at a 20% annual rate for a duration of two years. Afterward, the cumulative interest accrued amounts to Rs. 3560. Calculate the total sum that 'K' initially invested?Solution
ATQ, Let the sum invested at simple interest be Rs. 9p And, the sum invested at compound interest be Rs. 8p According to the question, (9p × 20 × 2)/100 + 8p(1 + 0.2)^2 – 8p = 3560 Or, 18p/5 + 3.52p = 3560 Or, 35.6p = 17800 Or, p = 17800/35.6 = Rs.500 Therefore, total sum invested by 'K' = 9p + 8p = 17p = Rs.8500
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