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      Question

      Nisha deposited Rs. β€˜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 β€˜I’ and β€˜J’ in the ratio of 6:5 respectively. Scheme β€˜J’ offers compound interest of 19% p.a. compounded annually while scheme β€˜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 β€˜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 β€˜I’ and scheme β€˜J’ be Rs. β€˜6t’ and Rs. β€˜5t’, respectively. So, 0.13 Γ— 2 Γ— 6t + 0.38 Γ— 5t = 2794 Or, 1.56t + 1.90t = 2794 Or, 3.46t = 2794 Or, t = 807.51 So, P = (6 Γ— 807.51 + 5 Γ— 807.51)/(1.11 Γ— 1.11) = Rs. 5000

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