Question
Ankit invested a total of Rs. 63,000 between two SIPs:
'P', offering 10% compound interest compounded annually, and 'Q', offering 12% simple interest per annum. If the total interest earned by Ankit after three years from both investments is Rs. 21,723, determine how much percent less or more the amount invested in SIP 'P' is compared to the amount invested in SIP 'Q'.Solution
ATQ, Let the amount invested on SIP 'P' be Rs. ‘p’. So, the amount invested on SIP 'Q' = Rs. (63,000 – p) Interest earned from SIP 'P' = p × {(1 + 0.10)³ – 1} = Rs. 0.331p Interest earned from Sip Q = (63000 – p) × 0.12 × 3 = Rs. (22680 – 0.36p) So, 0.331p + 22680 – 0.36p = 21723 0.029p = 957 p = 33,000 So, the amount invested in SIP P and Q are Rs. 33,000 and Rs. 30,000 respectively. So, the desired % = {(33000 – 30000)/30000} × 100 = 3000/300 = 10%
Who won the ICC U-19 Cricket World Cup final at the Sir Vivian Richards Stadium in Antigua?
What is the total cost of the contract signed between the Ministry of Defence and Bharat Heavy Electricals Limited (BHEL) for the procurement of 16 Upgr...
According to the analysis conducted by Association for Democratic Reforms (ADR) on the financial dynamics of elected representatives in Indian states, w...
What is the main ore of the Mercury?
- How many cheetahs does Kuno National Park currently house?
What is the primary objective of the Railways (Amendment) Bill, 2024 introduced by Union Railway Minister Ashwini Vaishnaw?
Who unveiled the mascot 'Juhi' for the Jharkhand Women’s Asian Champions Trophy Ranchi 2023, and what is the inspiration behind the mascot?
Which state’s tableau won the “People’s Choice Award” at the 74th Republic Day parade?
Who has been elected as the chairman of the Shree Somnath Trust (SST) for a five-year term?
- What is the name of the SBI initiative for collateral-free digital SME loans for women entrepreneurs?