Question
'The sums of money owned by 'Ajay' and 'Vijay' are in
the ratio of 7:5, respectively. 'Ajay' invested his amount for 5 years at a simple interest rate of 24% per annum, and he received an interest of Rs. 3360. Now, if 'Vijay' decides to invest his amount for 2 years at a compound interest rate of 50% per annum, compounded annually, what will be the total amount 'Vijay' receives after the investment period?'Solution
ATQ, Let the sum invested by 'Ajay' and 'Vijay' be Rs. 7p and Rs. 5p, respectively According to the question, {(7p × 5 × 24) /100} = 3360 Or, 8.4p = 3360 Or, 'p' = (3360/8.4) = 400 Therefore, sum invested by 'Vijay' = 5p = 5 × 400 = Rs.2000 Amount received by 'Vijay' = 2000 × {1 + (50/100) }2 = 2000 × 2.25 = Rs.4500
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