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      Question

      Soham invested Rs. 32,000 partly in schemes ‘I’ and ‘J’ for 4 years and 6 years, respectively. Scheme ‘I’ offers simple interest at 18% per annum, while scheme ‘J’ gives compound interest (compounded annually) at 22% per annum. Find the investment in scheme ‘J’ if the interest from ‘I’ is Rs. 2,880 more than that from ‘J’.

      A Rs.18,000 Correct Answer Incorrect Answer
      B Rs.15,000 Correct Answer Incorrect Answer
      C Rs.25,000 Correct Answer Incorrect Answer
      D Rs.20,000 Correct Answer Incorrect Answer
      E none of these Correct Answer Incorrect Answer

      Solution

      ATQ, Let the investment in scheme ‘J’ be Rs. ‘v’. Investment in ‘I’ = Rs. (32000 - v). Simple interest from ‘I’ = (32000 - v) × 18% × 4. Compound interest from ‘J’ = v × [{1 + (22/100)}6 - 1]. Solving for ‘v’ with the specified interest difference, v = Rs. 18,000.

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