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Question

Atul invested in scheme A and B that provide simple interest at the rate of 12% and 15% for 3 years and 5 years, respectively. Interest received from scheme A is invested further in Scheme B after three years for two years, and total interest received from Scheme B after 5 years is invested in Scheme C which provides Compound Interest at the rate of 10% for three years. If interest received on invested amount from Scheme A after 2 years is Rs. 3600, and the ratio of the invested in scheme A and scheme B is 3:4. Find the total amount(approx.) received from Scheme C

A RS. 22,221 Correct Answer Incorrect Answer
B Rs. 22131 Correct Answer Incorrect Answer
C Rs. 22121 Correct Answer Incorrect Answer
D Rs. 21211 Correct Answer Incorrect Answer
E RS. 22280 Correct Answer Incorrect Answer

Solution

Amount invested in Scheme A. 3600 = (24P)/100 P = Rs. 15000 Amount invested in Scheme B = (4/3) x 15000 = Rs. 20000 Interest received from scheme B after 5 years at rate of 15% = (20000 x 15 x 5)/100 = Rs. 15000 Interest received from scheme A after 3 years at rate of 12% = (15000 x 12 x 3)/100 = Rs. 5400 Interest received from Schem B after 2 years at rate of 12 % when invested Rs. 5400 = Rs. 1620 Amount Invested in Scheme C compounded at rate of 10% = Rs.15000 + Rs. 1620 = Rs.16620 Amount received after three years from Schem C = RS. 16620 x (1+(10/100))3                                                                                           = RS. 16620 x (1331/1000) = RS. 22121.22

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