New NABARD Grade A : How to prepare ESI for Prelims & Mains- Sources & Strategy
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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'.

A 25% Correct Answer Incorrect Answer
B 10% Correct Answer Incorrect Answer
C 12% Correct Answer Incorrect Answer
D 18% Correct Answer Incorrect Answer
E none of these Correct Answer Incorrect Answer

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%

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