Question

    Nisha deposited Rs. ‘P’ in a bank offering compound

    interest of 11% p.a. compounded annually. After 2 years, she invested the amount received from the bank in scheme ‘I’ and ‘J’ in the ratio of 6:5 respectively. Scheme ‘J’ offers compound interest of 19% p.a. compounded annually while scheme ‘I’ offers simple interest of 13% p.a. If total interest received by her from schemes I and J together at the end of 2 years is Rs. 2794, then find the value of ‘P’.
    A Rs.4000 Correct Answer Incorrect Answer
    B Rs.4500 Correct Answer Incorrect Answer
    C Rs.6000 Correct Answer Incorrect Answer
    D Rs.5000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ Let amount invested in scheme ‘I’ and scheme ‘J’ be Rs. ‘6t’ and Rs. ‘5t’, respectively. So, 0.13 × 2 × 6t + 0.38 × 5t = 2794 Or, 1.56t + 1.90t = 2794 Or, 3.46t = 2794 Or, t = 807.51 So, P = (6 × 807.51 + 5 × 807.51)/(1.11 × 1.11) = Rs. 5000

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