Question
'S' allocated 40% of his monthly income to SIP P, where
it accrues a simple interest of 18% p.a. The remaining 60% was directed to SIP Q, with a compound interest of 20% p.a., compounded annually. After 2 years, the total amount gained from both SIPs matches the amount yielded by investing Rs. 6000 at 19% p.a. simple interest for 4 years. Calculate 'S's total monthly income.Solution
ATQ, Let monthly income of 'S' is Rs.100a Amount invested in SIP P = 0.40 × 100a = Rs. 40a Amount invested in SIP Q = 0.60 × 100a = Rs. 60a Amount obtained when Rs. 6000 is invested at 19% p.a. simple interest for 4 years = 6000 + 6000 × 0.19 × 4 = Rs. 10560 According to question; [40a + 40a × 0.18 × 2] + (1.20)2 × 60a = 10560 Or, 54.4a + 86.4a = 10560 Or, 140.8a = 10560 Or, a = 75 Desired Income = 75 × 100 = Rs.7500
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