Question
Amit invested Rs. 96,000 in two SIPs labeled 'P' and
'Q.' SIP 'P' offers an annual interest rate of (p - 3)%, and SIP 'Q' offers (p + 3)% interest, both at a simple interest rate. If the total interest earned from both SIPs after 2 years is Rs. 57,600, determine the value of 'p'.Solution
ATQ, 96000 × [(p - 3) /100] × 2 + 96000 × [(p + 3) /100] × 2 = 57600 Or, 960 × 2 × (p - 3 + p + 3) = 57600 Or, 2p = [57600/(960 × 2) ] Or, p = (30/2) So, p = 15
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