Question
The ratio of the sums invested by βXβ and βYβ in
SIP βMβ and βNβ is 7:4, respectively. If βXβ invested Rs. 6300 more than βYβ, then find the amount received by βYβ after two years if he had invested his sum at 40% p.a. compound interest, compounded annually.Solution
ATQ, Let the sum invested by βXβ and βYβ be Rs. 7x and Rs. 4x, respectively. According to the question, 7x β 4x = 6300 Or, 3x = 6300 Or, x = 2100 Therefore, sum invested by βYβ in scheme βNβ = 4x = Rs. 8400 Amount received by βYβ = 8400(1 + 40/100)Β² = Rs. 16464
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