📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    âš¡ Month End Offer - Flat 52% Off On All Courses! Enroll Now âš¡
    00:00:00 AM Left

    Question

    Amit placed an amount 'p' in Fund 'X' that offers a 10%

    compound interest per annum and also invested Rs. (p + 1000) in Fund 'Y' that offers a 15% simple interest per annum. Both investments were made for a duration of 2 years. If the combined interest received from these investments totals Rs. 810, calculate the value of '2p'.
    A 2000 Correct Answer Incorrect Answer
    B 1200 Correct Answer Incorrect Answer
    C 1325 Correct Answer Incorrect Answer
    D 6520 Correct Answer Incorrect Answer
    E 1200 Correct Answer Incorrect Answer

    Solution

    ATQ, At compound interest (compounded annually) , Interest received = Sum invested × {1 + (rate/100) } - sum invested So, interest received from Fund 'X' = 'p' × {1 + (10/100) }²- p = 1.21p - p = Rs. 0.21p Simple interest = (sum invested × rate × time) ÷ 100 So, interest received from Fund 'Y' = {(p + 1000) × 15 × 2} ÷ 100 = 0.3 × (p + 1000) = Rs. (0.3p + 300) ATQ; 0.21p + 0.3p + 300 = 810 So, 0.51p + 300 = 810 Or, 0.51p = 810 - 300 Or, 0.51p = 510 Or, 'p' = 1000 So, 2p = 2× 1000 = 2000

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question