Question
Neha invested Rs. 50,000 in two different schemes,
‘C’ and ‘D’, for 3 years and 4 years, respectively. Scheme ‘C’ offers a simple interest rate of 15% per annum, while scheme ‘D’ provides compound interest (compounded annually) at a rate of 25% per annum. Determine the sum invested in scheme ‘D’ if the interest from scheme ‘C’ is Rs. 2,250 more than that from scheme ‘D’.Solution
ATQ, Let the sum invested in scheme ‘D’ be Rs. ‘y’. Sum invested in scheme ‘C’ = Rs. (50000 - y). Simple interest from scheme ‘C’ = (50000 - y) × 15% × 3. Compound interest from scheme ‘D’ = y × [{1 + (25/100)}4 - 1]. Setting the interest difference and solving for ‘y’ gives y = Rs.20,000
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