Question
A man invested Rs.Y in a scheme S at 14% rate of simple
interest for 7 years. After 7 years, he reinvested the amount received from the scheme S at same time and same rate of simple interest. If the interest received from reinvestment is Rs.5172.20 more than Rs.Y. Find the value of Y?Solution
Let Y = 100a Then the interest received from scheme S= 100a*14*7/100 = 98a Total amount received from scheme S = 100a+98a = 198a Interest received from reinvestment = 198a*14*7/100=194.04a From the question, 194.04a= 100a+5172.20 a=55 Y = 100*55 = 5500
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