New RBI Grade B 2025 Notification will come Soon! Enroll Here

    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?
    A Rs.5500 Correct Answer Incorrect Answer
    B Rs.5750 Correct Answer Incorrect Answer
    C Rs.6000 Correct Answer Incorrect Answer
    D Rs.6250 Correct Answer Incorrect Answer
    E Rs.6400 Correct Answer Incorrect Answer

    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

    Practice Next