📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      A person 'P' invested Rs. 'a' in

      a simple interest (SI) SIP 'X' for 3 years at an annual interest rate of 10%. They also invested Rs. (a + 100) in a compound interest (CI) SIP 'Y', with a quarterly compounding rate of 40% per annum, for a period of 1 year. The interest earned from SIP 'X' is Rs. 358.2 less than the interest earned from SIP 'Y'. Determine the value of 'a'.
      A 1750 Correct Answer Incorrect Answer
      B 1950 Correct Answer Incorrect Answer
      C 1850 Correct Answer Incorrect Answer
      D 1900 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ, Given, CI – SI = 358.2 {(a+100) × [1 + (40/4)/100] - (a+100)} - (a × 10 × 3/100) = 358.2 {(a+100) × 110/100 × 110/100 × 110/100 × 110/100 - (a+100)} - (a × 3 × (10/100)) = 358.2 (a+100) × [121 -100 ]/100 - (30a/100) =358.2 (a+100) × (4641) - 3000a = 3582000 4641a - 3000a + 464100 =  3582000 1641a = 3582000 - 464100 a = (3117900/1641) = 1900

      Practice Next
      More Simple and compound interest Questions

      Relevant for Exams:

      ask-question