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    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?'
    A Rs.4500 Correct Answer Incorrect Answer
    B Rs.2500 Correct Answer Incorrect Answer
    C Rs.4565 Correct Answer Incorrect Answer
    D Rs.3500 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    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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