Question
Ashakti invested the same amount of money in two
distinct Systematic Investment Plans (SIPs), SIP 'X' and SIP 'Y,' both for a duration of 2 years. SIP 'X' yields simple interest at a rate of 'R%' per annum, and SIP 'Y' provides compound interest (compounded annually) at the same interest rate as SIP 'X'. If the ratio of the interest earned on SIP 'X' to that on SIP 'Y' is 100:109, determine the value of 'R'.Solution
ATQ, Let, the interest received on SIP 'X' and SIP 'Y' be Rs.'100x' and Rs.'109x', respectively. In case of simple interest, equal interest is received in each year at same rate of interest. So, the simple interest received on first and second year both = (100x/2) = Rs.'50x' At same rate of interest, Simple interest received in first year = Compound interest received in first year = (100x/2) = Rs.'50x' So, the compound interest received on second year = 109x - 50x = Rs.'59x' So, the interest in second year received on interest received on first year at 'R%' p.a.,= 59x - 50x = Rs.'9x' So, the rate of interest, 'R' = (9x/50x) × 100 = 18%
Consider the following in regards to the Kashi Tamil Sangamam (KTS):
1) The second edition of the Kashi Tamil Sangamam (KTS) will be held between...
Recently three people won the 2022 Nobel Prize in Chemistry, which of the following is not in the list?
Who was awarded the Nobel Prize in 1930 for discovering the human ABO blood group system?
What is the main objective of the “RBI Kehta hai” Campaign?
Consider the following statements regarding Small Industries Development Bank of India (SIDBI)-
I.The SIDBI (Small Industries Development Bank of...
Which of the following is NOT a feature of Pradhan Mantri Awas Yojana – Urban (PMAY-U)?
Which department received the Skoch SILVER Award 2023 for e-Governance?
Poonawalla Fincorp has received RBI’s approval to issue co-branded credit card in a new age of flexible and versatile retail credit.With which bank is...
The 40th edition of "Hunar Haat", a platform to preserve, protect and promote local artisans and craftsmen, was inaugurated by the Union minister Anura...
Recently the Saifabad Mint Museum has been set up by the Security Printing and Minting Corporation of India Ltd(SPMCIL) in ______ city of Telangana?