Question
Arjun deposited Rs. ‘Z’ in a bank offering compound
interest of 8% p.a. compounded annually. After 4 years, he invested the amount received from the bank in scheme ‘E’ and ‘F’ in the ratio of 8:3 respectively. Scheme ‘F’ offers compound interest of 22% p.a. compounded annually while scheme ‘E’ offers simple interest of 14% p.a. If total interest received by him from schemes E and F together at the end of 2 years is Rs. 3240, then find the approximate value of ‘Z’.Solution
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