Question
Aman invested Rs. 'a' and Rs. (a + 2300) in SIP 'P' and
'Q', respectively, in a way that the amounts received from both SIPs after 2 years are equal. If SIP 'P' and 'Q' provide compound interest (compounded annually) at rates of 20% p.a. and 10% p.a., respectively, then determine the value of 'a'.Solution
We can say that, Amount received on investing Rs.‘a’ for 2 years at 20% interest p.a., compounded annually = a × (1 + 20/100)2 = Rs.{a × (6/5)2} Amount received on investing Rs. (a + 2300) for 2 years at 10% interest p.a., compounded annually = (a + 2300) × (1 + 10/100)2 = Rs. {(a + 2300) × (11/10)2} ATQ; a × (6/5)2 = (a + 2300) × (11/10)2 Or, (36a/25) = (a + 2300) × (121/100) Or, (36a/25) × (100/121) = a + 2300 Or, 144a = 121a + 287300 Or, 23a = 278300 Or, a = 12100
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