Question
Sohan invested Rs. P in Scheme X at 20% per annum under
simple interest for 3 years and Rs. Q in Scheme Y at 12% per annum under compound interest for 2 years. If the interest obtained from Scheme X (using compound interest) and Scheme Y (using simple interest) is Rs. 8240 more than when calculated the other way around, find Sohan’s total investment, given that the investment in Scheme X is 40% more than that in Scheme Y.Solution
Let the money invested in Scheme Y = 100a So money invested in Scheme X = 140% of 100a = 140a Total interest earned in first case = 140a x 20% x 3 + 100a x 112% x 112% - 100a = 84a + 25.44a = 109.44a Total interest invested in Scheme Y = (140a x 1.2 x 1.2 x 1.2 – 140a) + 100a x 12% x 2 = 101.92a + 24a = 125.92a According to question, (125.92a – 109.44a) = 8240 So, value of a = 500 Total money invested = (140a + 100a) = Rs. 120000 Hence answer is option B
A company’s Balance Sheet includes: Equity ₹25 lakh, 10% Debentures ₹10 lakh, Land ₹20 lakh, Plant & Machinery ₹10 lakh, Inventory ₹5 lakh, ...
AS 6: Depreciation Accounting has been withdrawn with effect from 1-4-2016 after issuance of revised ________.
While calculating equivalent completed/production units, which of the following statement is incorrect?
In insurance accounting, what does the "claims reserve" represent?
What is the maximum age of Presiding Officer of Tribunal under Employees Provident Fund and Miscellaneous Act?
What is the maximum amount of exemption that is allowed for gratuity if received at the time of retirementby an employee covered under Payment of Gratu...
Under Companies Act, 2013, a company can declare dividend from:
Capital budgeting involves the evaluation of:
A’s acceptance to B for Rs. 5,000 is discharged by a cash payment of Rs.3000 and a new bill is drawn for the balance plus Rs.100 for interest. The am...
Which of the following is NOT a correct feature of a negotiable instrument according to the Negotiable Instruments Act, 1881?