Question
The total investment by P and Q is Rs. 7500. P invests
his amount at a simple interest rate of 30% per annum for 4 years, while Q invests his amount at a compound interest rate of 40% per annum, compounded annually for 2 years. The combined interest received by both is Rs. 7800. Determine the amount received by P.Solution
ATQ, Let the sum invested by P be Rs.'p' Therefore, sum invested by Q = Rs. (7500 – p) According to the question, (p × 4 × 30)/100 + (7500 – p)(1 + 40/100)2 – (7500 – p) = 7800 Or, (6p/5) + 0.96(7500 – p) = 7800 Or, p = 3000/1.2 = Rs.2500 Therefore, amount received by P = (2500 × 30 × 4)/100 + 2500 = Rs. 5500
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